Market
Highlights:
Imported ferrous scrap prices rebound on new bookings
by scrap buyers. Prices for HMS scrap to India slightly moved up by US$ 5-10/MT
after the fall two days before. HMS scrap I&II (80:20) was traded at US$ 455-470/MT
CFR Mumbai from Dubai and African origin.
Moreover, some cargoes were being heard quoted at
US$ 440-445/MT for HMS (80:20) CFR Kandla. However, buyers remain quite this
week and no further bookings were being heard in the market.
“Importers of ferrous
scrap may return to the market next week as offers from Africa and Dubai fell
recently. Domestic ferrous scrap prices are also increasing due to the shortage
of key raw materials i.e. sponge iron across country. Some fresh bookings can
be seen in the near term”, said a broker based in Mumbai.
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