Falling Indian currency halts US scrap exports
Aug 28, 2013 | 03:42 PM
| Sean Davidson
NEW YORK A tumbling rupee has severely impacted ferrous scrap exports to India, bringing U.S. shipments to the country to a complete standstill.
Market participants said Indian mills have not booked any U.S. scrap for at least the past two weeks, while exports from Europe also have fallen dramatically to barely a few containers.
With the Indian currency falling to historic lows against the dollar on a seemingly daily basis for the past few weeks, several small steelmakers have been forced to close shop, sources said.
"We have not bought scrap from the U.S. for the past three weeks and this has never happened in my seven years of working in this industry, so you can imagine how bad the India market is," said a source at one of Indias larger scrap companies.....
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