Turkey's import prices of scrap from Europe
have dipped due to depreciated EURO. Turkey currently purchased the HMS 70: 30 (1&2) from Europe with prices of
US$ 420/MT CFR i.e. down by US$ 5-10/MT from previous quote.
The current exchange rate between the US
dollar and the EURO are currently at US$1 : €0.739, decreased sharply from US$1
: €0.694 in the beginning of September. Thus, Turkey received cheaper priced
scrap from the European suppliers.
As Euro keeps on decreasing, market
participants said that the prices of Europe’s scrap exported to Turkey likely
to correct further.
At the other end, HMS Scrap (80:20) prices in Mumbai, remained
at the same level at US$ 465-480/MT CFR Nhava Sheva. However, demand for imported
Scrap remains weak as buyers are away from the market. They are not willing to
procure materials at the present offer and expecting Scrap prices to correct
further. HMS Scrap offered at US$ 460-470/MT at Kandla port.
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