Imported scrap offers plunged by another USD 5-8/MT in India. Prices of shredded touched USD 230-235/MT levels, CFR India
In India, the imported scrap offers witnessed another USD 5-8/MT decline in the last two days. Offers for HMS 80:20, which were around USD 220/MT during the beginning of this week are now at around USD 212-215/MT, CFR India.
Shredded scrap from US/Europe, trading at USD 235-242/MT levels during the beginning of this week declined to USD 230-235/MT, CFR India by the end of this week. Buyers were heard asking material at USD 225/MT, CFR India. Hence, the anticipation is, USD 225/MT for shredded is not so far to reach and may hit in the coming week.
Increased supply of scrap in the global market by major suppliers (like Europe, US, Australia and some South East Asian nations), after the shift in interest from scrap to Chinese billet, have build up the pressure in scrap prices significantly.
It is also noticed that nations like Japan and Australia are very active in the market with lower scrap offers. Chinese billet has absorbed majority of the scrap market (such as Taiwan & Korea) and moving on towards new market.
Current offers from Japan to India were heard at USD 230-235/MT, CFR India for premium quality shredded and USD 240-245/MT, CFR busheling scrap.
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