Increased inventories and low domestic demand in US/Europe led to price-cut.
Seaborne ferrous scrap prices fall further by USD 5-10/MT this week. US-origin shredded reported to touch USD 200-205/MT, CFR India and European shredded to USD 210/MT, CFR India, which were previously offered at USD 210-215/MT, CFR India basis.
There are buying interest seen at USD 5-10/MT low from offered price, at USD 190-195/MT CFR india. Few purchases were also heard from sources at USD 195/MT level, but could not be confirmed.
Offers for HMS 80:20 scrap from Europe is heard at USD 200/MT, South Africa at USD 205/MT and Middle East at USD 210/MT, CFR India. While Turning boring are offered at USD 180/MT, CFR India levels.
According to market participants, the sudden fall at US domestic market and overstocked material with scrap suppliers across the global has led to rapid fall in export offers.
Ferrous Scrap Offers as on 03 Sept’15, CFR India
| Particular | Offers in USD/MT | Change W-o-W |
| HMS 80:20, Europe | 200 | -5 |
| HMS 1&2, Middel East | 210 | -10 |
| HMS (25t loading), South Africa | 200-205 | -10 |
| Shredded, Europe | 210 | -5 |
| Shredded, US | 200-205 | -10 |
| Turning, Brazil | 180 | -10 |
Source: SteelMint Research
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