India scrap prices hold as demand rises

May 02, 2014 | 05:07 PM | Sean Davidson

Tags  scrap, exports, prices, imports, ferrous, steel, India, heavy melt shred

NEW YORK — Marginal strengthening of the Indian rupee against the dollar sparked an increase in demand for some ferrous scrap grades, with exporters of containerized scrap reporting healthy sales at prices mostly unchanged from a week earlier.

Market participants said the rupee’s return to a value of around 60 per dollar from 61 previously generated more interest from Indian mill buyers, who import scrap on a dollar basis and are typically active when it costs less to buy or trade in dollars.....

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