Turkish market picks up recently in ferrous scrap as scrap buyers started purchasing the product.
A mixed cargo of HMS scrap (80:20) of around 22,000 MT at US$ 405/MT CFR Turkey and 25,000 of HMS (70:30) at US$ 398/MT CFR from a European supplier. Shredded material was being heard sold at US$ 415-420/MT CFR Turkey. A recent deal was closed at US$ 415/MT of 6,000 MT of shredded scrap Delivered in December first week.
However, No deals were closed so far from the US exporter. Traders indicated that Turkish steel mills purchased the scrap from Europe and Baltic Sea. Market participants expect Turkish mills to rush to purchase between the end of November and the beginning of December by the coming of winter.
Indian imported scrap market continues to remain dull as no fresh buying has heard so far. A Dubai supplier has offered HMS (80:20) scrap at US$ 435/MT FOB, but no bookings have been heard so far. Indian buyers on a wait and see condition for the future outlook of the international ferrous scrap market.
Currently, offer for HMS (80:20) remain at the same price at US$ 435-440/MT CFR Mumbai from African origin. European suppliers are offering the same quality material at 440-445/MT CFR Mumbai.
The last deal was closed at US$ 490/MT CFR Chennai for boiler scrap a month ago. Buyers are absent from the market so far after this trade. An other exporter from Dubai is offering mixed cargo of containerized HMS scrap (80:20) at US$ 450/MT but failed to find any importer.
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