Turkey steelmaker creating pressure in imported scrap prices. International scrap prices last month were firm due to continue buying from Turkey mill, however beginning of this month price are under pressure due to weak sentiment. As per the report Turkey mill booked UK heavy melting scrap 1&2 at $355-360/MT CFR, whereas US offer to Turkey are at $370/MT CFR.
Indian scrap importer continue to remain absent at this level. Market participant state that, “Indian buyer are looking at $350 level with INR/USD 64, we expect market will touch as international buying is weak and India demand of scrap may increase with rising production”. India has received following offers:
| Origin | Details | Price |
|---|---|---|
| Europe | Shredded Scrap | $370-375 |
| HMS | $355 | |
| Short Steel | $375 | |
| US | HMS (FAS-Ex loading port) | $320-325 |
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