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Indian importers- It’s an apt time to take position

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by - 10/8/2012 5496 Views

A strong rupee offered Indian buyers to cheer as it has rebounded from 57.33 to 51.36 and support importers to book cargoes in International market.

The Indian Rupee continued to gain against the U.S. dollar with a strong rebound erasing some of the worst fall from its low record of 57.33 on June 22. Appreciating rupees against U.S. dollar almost 10.41 % last Friday to reach 51.36 support Indian importers to book cargoes in International market.

 Though rupee has appreciated from last week, and thus is the right time for the imports to take position. Moreover, prices of ferrous scrap fell around $15 to $20 in the last one moth in the international Market also will help the imports to cheer. However, offer from Europe has gained around 1.5% due to increased buying activities and now hovering at $406/Ton for shredded scrap and $390 for HMS 1&2 CFR Mumbai. Although, India Buyers are interested in imported scrap rather than domestic scrap as prices of domestic scrap are still high when compared to imported scrap.

 Uncertainties kept buyers away from the market from booking orders owing to volatile Rupee. They held their purchase amid unpredictable rupee to be stabilized in Forex market. Now after the gain of almost 10.41% against USD will definitely improve the product demand. And this rise in import will also correct the prices of ferrous scrap in the local market.

 Tough buying interest remains strong in the market, there is no evidence of price hike from U.S supplier and the reports revealed that the prices for October shipment for US scrap have dropped and now the prices for HMS 1&2 and shredded scrap floating at $385 and $415 CFR respectively.

Category : Metal

Tags : Scrap Metal, Scrap Metal Prices, HMS 1&2, apprecia


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