US ferrous scrap
export offers moved up by $10/MT from last week for Indian importers. Despite
lower buying interest from Turkish mills, US based exporters have succeeded to book
higher-priced sales to India.
According to the
market sources, few bulk cargoes was heard being sold to the Chennai port last
week with much higher price from last trade price levels. Around four shipments
of containerized shredded scrap of around 35,000 MT sold at an average price of
$435/MT CFR Chennai.
However, scrap
importers in Chennai are expecting a further discount of $10-15/MT in imports.
Demand for semi and finished material has come down sharply in the region due
to power cut issues and liquidity crunch. It has also restricted the scrap
demand in the market.
In western region
of India, HMS 1&2 (80:20) offered at $420/MT CFR Nhava Sheva Mumbai (Dubai
origin). No confirmed deals were heard closed as yet.
Further, offers to
Turkish mills remain unchanged this week after a hike in European offers last
week. US suppliers might increase the scrap export prices in line with the recent
hikes in the European offers.
Late last week, a
cargo was sold of 27,000 MT HMS 1&2 (70:30), 7,000 MT of shredded scrap from
a seller in Europe at $360/MT and $385/MT CFR Turkey for August shipment.
Leave a Reply