After Middle East, offers from Europe also decline; offers fell by USD 5/MT.
Imported scrap offers from Europe to India is reported to be at USD 265-270/MT for HMS 80:20 and USD 290-295/MT for shredded scrap, CFR India.
Participants present in the market shared that demand for scrap is still not encouraging. Domestic Pig iron, sponge and scrap are filling up the gaps of imported scrap.
“Though any positive business at these levels has not been heard, but customers have now started bidding around USD 255-265/MT levels for HMS 80:20” said one of the scrap exporter based in UK.
Offers from Middle east for HMS 1&2 (23 tonnes loading) and auto scrap continued to be at USD 260-265/MT. HMS 1 (25 tonnes loading) remained at USD 275-280/MT and Blue Steel at USD 300/MT, CFR India.
On the contrary, imported offers from USA were reported bullish. Positive demand in US domestic market have led to increase its offers in global market. Shredded offers to India from US were witnessed at around USD 300-305/MT (up by USD 5-10/MT) CFR India.
Offers may inch up a little in near term
Offers for scrap are expected to witness an uptick in the near term owing to upcoming festival Ramadan which is celebrated for a month in Middle East and Africa. This may affect/slowdown trading activities in these exporting countries, resulting in tight-supply. The festival is to begin from 18 June to 17 July’15.
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