SteelMint learns
that ferrous scrap offers to India likely to move up in August. Sentiments in
the US domestic and Turkish import market are increasing and it might help
scrap offers to rise further for Indian buyers as well. Prices may pick up by
$10-20/MT CFR.
Currently, HMS (80:20)
is offered at $400-410/MT CFR Nhava Sheva and shredded scrap offered at 420-425/MT
CFR Nhava Sheva from US origin.
According to the
market sources, Turkish demand will return in the coming weeks, and prices at
US East Coast docks are surging. Exporters are likely to keep prices up despite
lower trades.
US exporters are offering
cargoes at more than $400/MT CFR Turkey. They are in no hurry to sell the
material due to fewer inventories. US East Coast dockside prices also moved up by
$25 to $345-350/MT for HMS 1 and $20/MT to $350-355/MT for shredded.
In US domestic
market, early August deals have been closed with $30-40/MT higher offers compared
to July. It is likely to increase further by $50-60/MT in the coming days.
According to an
exporter based in North America, “The market is really strong in America and there
is resistance in Turkey. Turks are expecting higher offers for Re bar, so they
will not accept the hike in US scrap prices.”
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