Scrap imports are likely to remain expensive in India during January of this year on higher USD/INR exchange rate.
The US Dollar to Indian Rupee (USD/INR) exchange rate edged slightly higher in early January following the publication of India’s Services PMI. The measure of the services sector eased from 52.6 in November to 51.1 in December.
Forecasts for the Rupee against the Dollar continue to be bullish and, if this trend continues, imported scrap will remain expensive.
According to The Steel Index, the disparity between the prices offered by suppliers and the bids that mills are willing to submit shows no signs of abating. With this being the case and domestic steel demand still lack-lustre, it seems domestic scrap may well continue to be the order of the day.
As of 10:30 am IST, The partially convertible rupee stronger at 62.18/19 per dollar compared with the previous close of 62.3250/3350, as most of the Asian currencies trade higher.
As per Scrap Register Price Index, Indian scrap commodities showed negative trend on Wednesday. The scrap prices for aluminium, brass, copper, nickel & alloy and zinc & lead are witnessed lower trend, while plastic and resin plastic prices remain flat.
The monthly average prices for TSI's containerized Indian imports of shredded material averaged $324.40 a ton CFR Nhava Sheva port in December, falling by $11.35 a ton month-on-month.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestion and comments to editor@scrapregister.com)
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