Offer
prices for ferrous scrap to India rise further with global price hike and
improved demand. Increased sales to Far East regions and Turkey from Europe and
US have supported the quotes to India.
However,
Indian buyers are still in a ‘wait and watch’ approach over the future outlook
of the market. But they are quite positive on the Rupee fluctuation and in
anticipation of further strength.
Current
offers have reached to (for containerized shredded scrap) $420-425/MT CFR Nhava
Sheva, a $5-10/MT up from the last traded prices. Buyers are still willing to
book cargoes at the old positions i.e. $410-415/MT CFR owing to the strong Dollar
against Rupee.
According
to a European supplier, “Prices will go up further as we are running short of
supply due to cold weather. Offers have moved up by $20/MT after Christmas which
might go up by another $20/MT in the coming days.”
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