India:
Indian imported ferrous scrap market is still calm as buyers have no choice but
to wait and watch until Rupee recovers in currency market or suppliers reduce
the offers.
Offers for HMS grades
are hovering at $400-405/MT CFR Nhava Sheva but no deal was heard to be closed
on such levels. Shredded is also offered at $410-415/MT CFR Nhava Sheva. Indian
buyers dropped their bids by up to $25/MT in the month of November.
US: Weaker
ferrous scrap prices and offers to Turkey and India have encouraged some US
East Coast (USEC) exporters to drop buying prices at their yards. Few exporters started
reducing the prices over past few days for both bulk and containerized scrap.
USEC dock yard prices
for HMS are hovering at $ 325-330/MT ($360-365 FOB)
Turkey: Offers to Turkey also dropped by $15/MT CFR this week due to oversupply
of the material and lower demand. HMS (80:20) is being traded at $375-380/MT
CFR Turkey at the moment.
A Mixed lot of around 100,000
MT including HMS, shredded and bonus scrap was sold to 2 Turkish mills at $380/MT
CFR. Late last week, transaction of some 25,000 MT of HMS 1&2 (80:20 blend)
has made at $392/MT CFR and 15,000 MT of shredded scrap at $397/MT CFR Turkey.
Canadian suppliers are
having very competitive material against US East Coast suppliers with same
quality but cheaper offers. USEC suppliers have a big issue that how they will
supply in such scenario.
Leave a Reply