- Indian importers still reluctant to make bookings in large quantities
- Indian Scrap market stable because of easily available Scrap in the market
- Exporters based in Middle East willing to sell their stock before Id
SteelMint assessed that HMS scrap offers from Dubai have gone down by USD 5 this week and current offers are pertaining in the range of USD 340-342/MT CFR Mumbai. Market sources mention that with low buying interest from Indian buyers and coming holidays in Middle East have forced exporters to cut their prices by USD 5/MT.
Meanwhile, offers from UK and Europe remained stable. The offers for shredded scrap are being quoted at USD 375-380/MT CFR Mumbai and HMS at around USD 355-360/MT CFR Mumbai, in containers (20 ft) but there is hardly any trade taking place at the moment.
On the other side, Turkey's mill books several bulks mixed Scrap cargo from Baltic-origin in last couple of days especially before beginning of Id festival. Turkey booked mixed Scrap quantity of 63,000 MT out of which 34,000 MT of A3 with an average price of USD 375/MT CFR Iskenderun, 26,000 MT of Shredded and 3,000 MT of plate and structure. All shipments are booked for November's delivery.
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