On May 14, SteelOrbis reported import prices for shredded containerized scrap to India declining due to a weakness in INR with ex-EU deals reportedly completed at $378-390/mt CFR with offers at $385-390/mt CFR.
Sources inform SteelOrbis that offers have declined $5/mt from the bottom of the range with offers now reportedly at $380-390/mt from the EU region including the UK. Activity is also reportedly slow on market uncertainty. The weaker currency is attributed for the slowdown in the market with INR trading at 67.65 on May 14 and now declining further at 67.96 on May 18.