Uncertainties
continue to remain in the Indian imported ferrous scrap market as prices for
the product remain unchanged for the day.
Prices
for containerized ferrous scrap imported into India remains same this week as market
participants are not willing to book fresh orders due to the several weeks of
price falls. Buying interest was thin on a depreciating rupee against the US
dollar, and uncertainty over the future outlook of the market resulted in both
sides of the trade taking a wait-and-see approach.
An exporter based in US offered HMS (80:20) at uS$ 450/MT CFR Mumbai but no deals
have been closed at such price.
Currently, HMS scrap (80:20) is offered at US$ 435-450/MT CFR Nhava Sheva Mumbai. Whereas, prices for shredded materials moved between the range of US$ 445-455/MT CFR Mumbai.
Moreover,
Ferrous scrap offers into Southeast Asian regions fell to a current-year low
this week as demand showed few signs of reviving. Offers for HMS 1&2 (80:20
mix) in containers from Europe, the USA and Africa are at $400-420/MT CFR i.e.
down by US$ 5-20/MT CFR from 2 weeks ago.
According to a mill official, based in
Indonesia, “Prices are falling every week. Two months ago, they were at $480/MT
CFR. Global slowdown in steel market has made scrap cheaper worldwide.”
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