Considering
the weak demand in domestic market for Scrap and lower offers to Turkish
buyers, EU countries have again cut their offers to India for Shredded Scrap by
US$ 10-15/MT this week.
Indian
importers want to cut the offers from EU exporters in step with Turkish buyers
due to the global slowdown in steel market. Shredded scrap is now being offered
at $460-470/MT CFR Nhava Sheva, Mumbai i.e. down from offers of $480-485/MT CFR
last week.
A
deal of a cargo containing 500 MT of Shredded Scrap was closed at US$ 460/MT by
a trader based in Mumbai.
According
to a merchant, “Indian import prices were also affected by recent deals to Turkey.
The big news was that Turkey came in lower than expected”, referring to the cargoes
of HMS 1 & shredded at US$ 447/MT CFR Turkey this week, down from offers
from the USA of $470/MT a week ago.
“Offers
came down over the weekend in line with this,” he added.
A trader based in UK expected more business to be
concluded this week. “My prediction is the Indian buyers will start buying this
week as they were quite last week. They have already started buying shredded
material at US$ 462/MT CFR Nhava Sheva”, he said.
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