The Imported scrap market
continued to be dull and prices for the containerized ferrous scrap imported
into India continued to be at almost the same level, as market participants
were not willing to book fresh orders due to the depreciating value of Rupee
against the US dollar and preferred to wait-and-watch.
Offers for HMS (80:20)
from Dubai were seen at $430-440/MT (CFR), Neva Sheva Mumbai. Whereas, an
Indian trader sold a cargo of 40,000 tonnes at $380/MT (Ex-Yard Dubai)
According to a mill owner
based in Mumbai, “Rupee against dollar is continuously falling and buying
of scrap is totally based on immediate requirements. The global slowdown in
steel market has made scrap cheaper worldwide but falling rupee continues to
hurt the margins of Indian scrap importers.”
US ferrous scrap suppliers
are also likely to keep their offers low for Turkish buyers because Turkish
mills will continue to buy less expensive European scrap. Furthermore, long
steel demand in the US may still be very low to warrant a price
increase.
Busheling scrap prices at
US East Coast were about $443 to $453/MT; shredded scrap prices were about
$$408-$413/MT and HMS I prices were $369 to $379/MT.
Leave a Reply