Offers for ferrous scrap to India declined
again on thin buying interests. HMS Scrap (80:20) was quoted at US$ 450-460/MT
CFR Nhava Sheva Mumbai i.e. down by US$ 10/MT from previous quote. Buyers are
still away from the market as they expect prices to soften further. Whereas
Shredded scrap was offered at the same price at US$ 460-470/MT CFR Nhava Sheva
Mumbai.
At the other end, Europe cut their
offers by US$ 2/MT from their previous quote at 437/MT for HMS scrap (80:20). Recently,
in an advance cargo booking, A European merchant sold 25,000 MT of HMS I &
II at $415/MT to a Turkish buyer for delivery at the end of October.
“The above quotes are just above US$ 6/MT than the
HMS (70:30) prices i.e. at US$ 409/MT. Despite of these, the market
remains quiet”, said market participants.
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