US ferrous scrap offers to Turkey fall
slightly to $405-410/MT CFR
Ferrous crap export
offers from US East Coast dropped by $6/MT CFR late last week. Offers for
HMS (80:20) declined to $405-410/MT CFR. Two bulk deals have been closed at
lower prices.
A mix cargo of
around 85,000 MT of HMS 1&2 (80:20), shredded scrap and Plate &
Structure scrap was sold at $408/MT, $413/MT and $418/MT CFR Turkey
respectively. Another few US deals were closed at the same price level.
According to a
major importer based in Turkey, “Prices into Turkey is stabilize but looks
downside largely rather than upside.”
India: Importers continue to stay on wait and
see approach
Falling Rupee in
currency market and downfall of steel demand have restricted Indian importers
to book scrap at such high prices.
Indian steel mills
are still unwilling to accept higher prices over falling steel demand and
recent power cut issues. Current offers are hovering around $400-410/MT CFR Mumbai (UK,
US origin) for HMS grades.
Offers for HMS (80:20)
remained firm at $405-410/MT CFR Mumbai from Dubai suppliers while is offered to
Chennai mills at $420-430/MT CFR Chennai.
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