18 May 2012

Depreciating Rupee makes mark on the steel scrap price levels:

In its first move after the mayhem in Indian Rupee v/s USD shipbreaking scrap market made a quantum jump by INR 1000 per tonne. In a sulking shipbreaking scrap market which delved in ambiguity oscillating between the availability and currency valuation it was major break.

However a definite trend would be premature depending on the downstream demand and trader’s confidence in taking positions in a dicey market.

Melting scrap
Location – Change
Mumbai - 0
Chennai – 0
Kolkata - 0
Mandi – 0
Kandla – 1000
Kanpur - 0
Rudrapur - 0
Hyderabad – 0
Ludhiana – (-)181
Bangalore - 0

Change is on May 14th as compared to 11th May 2012
(In INR per tonne)

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Source: Steel Guru. 15 May 2012

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