At present state of affair, global Scrap offers are in a roller coaster ride. HMS 1&2 Scrap offers from Europe further dipped by USD 10/MT at USD 270-275/MT, CFR India.
Day after day, the Scrap market is experiencing harder time. Turkey’s resistance towards European scrap has led to further fall in global Scrap offers. Europe is currently offering Scrap at USD 265-270/MT, CFR Turkey and INR 270-275/MT, CFR India.
In fact here in India, traders & importers at global Scrap conference held by MRAI, seem to be bearish towards the market. A event participant shared, “We would not surprise, if the Scrap market fall further by USD 10-15/MT. Though, current offers for HMS 1&2 are in the range of USD 270-275/MT, few have started offering even at USD 265/MT levels.”
Shredded scrap from Europe is reported at USD 285-290/MT, CFR Nhava Sheva. Though, few small quantity of Shredded were heard to be settled at USD 280/MT levels, it would not justify to consider it as a benchmark.
Cheaper Scrap and Billet offers from Russia and China are currently a concern for global Scrap suppliers. Competitive offers from these countries have led to shift in interest of major Scrap buying countries like Turkey, India, Bangladesh including other.
On the contrary, Scrap offers in Middle East are stable. sellers here are not in the mood to negotiate below INR 280-285/MT for HMS 1&2 and USD 300/MT for HMS 1, CFR Nhava Sheva.
In outlook, Scrap prices are all prepared to touch year 2008 levels and are expected to fall further by upto USD 10-15/MT.
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