Imported
scrap offers to India continue to remain firm despite any major demand from
buyers. Scrap prices have increased by almost $30/MT this month for all grades.
Buyers have kept themselves away from the market sensing the strong global
offers at the moment coupled with the weak Rupee against Dollar.
A
UK based scrap supplier is offering HMS (80:20) at $415/MT CFR Nhava Sheva
Mumbai for December delivery but failed to close any deals.
UAE
suppliers are ready to supply shredded material at $430/MT CFR Nhava Sheva
Mumbai but looking for the buyers without luck, sources told SteelMint.
It’s not the seller’s market, say US
exporters
US
scrap exporters are facing difficulties to supply at higher offers with the
competition from European exporters. They feel that it's not the seller’s
market now. Turkish mills are having advantage to drive the scrap market now.
No bulk
cargoes were booked this week. A small tonnage of 20,000 MT was sold for US
origin scrap. US suppliers are expecting trades over $400/MT CFR Turkey for HMS
(80:20 blend), while Turkish mills are not ready to accept this level.
Coming
days are likely to be quiet in Turkey market as Rebar and other finished long
products sales are slow due to winters hitting the domestic regions and
overseas supply as well.
CIS
(Black Sea) scrap export prices to Turkey fall marginally this week. A Russian
cargo was sold at $385/MT CFR Turkey, down by $3-4/MT from late last week.
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