Imported Ferrous Scrap market in India
continues to remain weak. Importers stay out of the market and not willing to
take any further steps to book bulk orders. However, offers for HMS 1&2
& Shredded Scrap declined by upto US$ 15/MT CFR this week
Meanwhile, Rupee in currency market, also hit
all time low at 54.35/USD. It continues to hurt Indian buyers for Ferrous Scrap
in global market and restricted them to take fresh positions in the market.
Further, Ferrous
scrap offers into Southeast Asia also fell by US$ 10/MT this week, as buyers
stayed out of the market in anticipation of lower offers.
Offers to Singapore, Vietnam, and Indonesia for
HMS 1&2 (80:20 mix) material from Europe, USA and Australia are hovering at
US$ 450-460/MT CFR. Prices went down by US$ 10-20/MT CFR from last week.
“Suppliers have to lower offers because
demand is weak in the region. So far, no bookings have been heard this week”,
an importer commented in Vietnam.
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