Container scrap sales to India frozen
Nov 22, 2013 | 03:38 PM
| Sean Davidson
NEW YORK U.S. export sales of containerized ferrous scrap to India remain virtually nonexistent despite a modest recovery this past week in Indian currency values.
Strong U.S. market prices have created a large gap between export offers and bids from Indian mills struggling to secure demand for finished product, market players said.
U.S. offers for shredded scrap reportedly range from $395 to $400 per tonne c.f.r. Nhava Sheva, while Indian mills bid $380 to $385.
"The Indian rupee has appreciated to some extentaround 62 to a dollar from 68 a month ago. However, rebar prices and demand are yet to improve. Mills are still trying to buy cheaper input materials from local (suppliers), the United Arab Emirates (UAE) or African countries," one exporter said.....
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