On October 8, SteelOrbis reported that ex-UK and ex-EU containerized shredded scrap import prices to India were trending soft at $355-360/mt CFR for containerized shredded scrap and $335-340/mt CFR for containerized HMS I/II 80:20. The decline in offer prices and offer volumes was attributed to the devaluation of the rupee (INR) which kept many importers out of the market.
Sources now inform SteelOrbis that purchases over the week ended October 19 ranged from $350-360/mt CFR for containerized shredded scrap. The majority of the deals were reportedly on the bottom half of the range. Offers for both scrap grades are reportedly trending stable at $355-360/mt CFR for containerized shredded scrap and $335-340/mt CFR for containerized HMS I/II 80:20.