Market for imported scrap remained
quiet and HMS Scrap was being quoted at same price level at US$ 475-480/MT CFR
Nhava Sheva Mumbai. Buying activities were subdued as market participants were
away due to festival of Ganesh Chaturthi. Heavy rainfall at most of the places
also discouraged market players to build huge stock of Scrap.
Offers for Shredded Scrap corrected
marginally by US$ 5/MT and was being quoted at US$ 495-500/MT CFR Nhava Sheva
Mumbai.
Activities in the Turkish market
accelerated last week as buyers returned to the market post Ramadan and price
offers for HMS Scrap (80:20) rose by $ 5/MT (CFR Turkey) from about 465/MT seen
last week.
Global scrap markets were quiet in
August mainly caused by the summer vacation along with the Ramadan. But imported
scrap prices are expected to move up in September as Turkish buyers have
returned to the market and the European & American suppliers have started
building stocks to cover the incremental demand from Turkey.
Some major Scrap exporting countries
like US and Japan have already announced to hike their purchase price of HMS
Scrap. And they are not willing to correct their prices for Indian buyers
despite of a lower demand.
According to a Scrap trader based on UK, “We think prices will go up again next week because people are coming back
from their holidays and some demand still needs to be satisfied”.
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