Indian rupee devaluation hits Middle Eastern non-ferrous scrap flows

The weakening of the Indian rupee against the dollar in recent weeks, combined with increased Indian import duties, has led to a sharp reduction in scrap flows to the Asian country, according to one Middle Eastern recycler.

The devaluing of the rupee, a factor which recently brought containerised US ferrous scrap exports to India to a standstill, has now begun to affect non-ferrous scrap flows, according to industry sources. India’s rupee this week plunged to an all-time low of 60.765 per dollar, breaching the previous low of 59.985 on June 20. “The...

Published

Fleur Ritzema

June 27, 2013

15:35 GMT

London