In the recent conference organized by SteelMint on Scrap & Mill Scale, one of the biggest concern was consistently falling Scrap prices in global market.
Most of the Scrap exporters believe that Scrap prices will resist for a short while on the backdrop of lower loading from US and European market amid winters.
“Scrap prices should find support at these levels for a while as exports generally fall from US and Europe, one of the largest exporting regions, owing to extreme winters. However, prices may continue to fall over cheap offers of Chinese Billet, Rebar and HR Coil,” said Mr. Raj Vaidyanathan, Director Commercial at Indicaa Group, one of the largest containerized Scrap exporters in the world.
Another exporter based in Europe mentioned it is not just Scrap, but other commodities like gold, oil, copper, wheat, corn etc have fallen sharply. It is a global phenomenon. At these levels not many exporters would be willing to offer and there is limited scope of fall.
“Although, geo-political crisis going in CIS countries, supply of semi finish will increase in the global market,” said Mr. Ved Prakash, Director at Gemini Corp, exporter based in Belgium.
Shredded offers assessed from Europe USD 320/MT CIF Nhava Sheva. HMS 1&2 from Europe and Middle East assessed at USD 308-310/MT CIF Nhava Sheva.
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