Global slowdown in the steel market has made ferrous Scrap sellers to cut their prices. Offers to India have declined by US$ 10-15/MT from last week. Buyers of the product are away from the market due to high volatility in exchange prices of Rupee to Dollar. They are not willing to book new cargoes at such price level. HMS Scrap (80:20) I & II offered at US$ 460-470/MT CFR Nhava Sheva Mumbai this week.
At the other end, Turkish market for ferrous scrap remained unchanged this week. Demand from the steel manufacturers for Billet and Re bar went down. Exports have also declined due to the weak global demand that also corrected the Scrap prices offered from Europe to Turkey.
Moreover, European Scrap is more attractive for Turkish buyers than the US. Despite of that, US traders could not generate the demand as they expected. Some cargoes were being heard quoted HMS 1&2 (70:30) this week at USD 425-430/MT C&F Turkey and HMS 1&2 (80:20) at USD 450-455/MT C&F buyers.
Leave a Reply