Scrap prices in Turkey and US trading at
18-months low, market experts anticipate prices should stabilize at these
levels as Turkish steel mills will get into market before Ramdan (Local
festival which starts in July)
Turkey: Turkish mills resumed buying
last week
Offers to Turkish mills reached as down as
$385/MT CFR Turkey for HMS 1&2 (80:20). Mills are likely to get active by
this month end, before their major festival starts in July, reported local
traders.
Last deal of 80:20 was heard at $390/t CFR
Turkey from U.S.
US: Offers down further by $10/MT last week
US East Coast ferrous scrap export prices
have dropped $10/MT on bulk shipments to Turkey in the past week despite fair
demand from Turkish mills. US Scrap offers have dropped by 50-70/MT CFR since
June.
According to a market participant, HMS 1&2
(80:20) was offered between $398-400/MT CFR Turkey but dropped to $390/MT in
mid of the last week.
India: Import market continues to remain dry
No bulk deals have been closed from last week
as buyers continue to remain out of the market, anticipating the further
correction of $ 10-20/MT.
Offers for HMS (80:20) went down to $420/MT CFR
Mumbai, while shredded Scrap offered at $430-435/MT CFR Mumbai. Market traders
report SteelMint that local scrap is cheaper by Rs 1,000-1,500/t on falling
rupee.
A recent deal was concluded late last week at
$425/MT CFR Mumbai for HMS (80:20) from a Dubai based supplier for 10,000MT.
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