US Scrap market improved by USD 5/MT because Scrap was booked on higher prices in the first week this month and will continue for the second week. The price hikes were made after a period of 7 days. Sources said Turkey's old buyers have re-entered along with various new buyers in the market and are keen to lock their quantity.
SteelMint assessed that the offers from Dubai HMS 1&2 also increased by USD 5/MT. Currently the offer quoted from Dubai HMS 1&2 are in the range of 340-345/MT CFR Mumbai. Similarly, offers from UK and Europe for HMS 1&2 are being quoted at USD 360-365 CFR Mumbai and Shredded at around USD 378-383/MT CFR Mumbai, followed by HMS US West coast FAS offered at USD 327-332/MT.
As per the provisional data, the total quantity of Ferrous Scrap imports to India is down by 0.07 MnT as till 14-oct it is around 0.10 MnT and in the same period of September'13 had been imported 0.17 MnT.
During the month of September'13 the total Scrap imports were 0.31 MnT which was down by 13% M-o-M against quantity of 0.36 MnT which were imported in August'13.
According to market participants, “the quantity of Scrap were being imported to India by only big manufacturers/importers, small importers have failed to book small chunk of Scrap also due to non viability. Whereas, Sponge shortage in the region continues.”
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