Imported Scrap offers to India move up by USD 5-10/MT W-o-W amid rising prices in global market. According to the information maintained by Steelmint, the offers for imported scrap have started to increase. The offers are said to be at USD 310/MT (Shredded), USD 315/MT (PNS), USD 285-290/MT (HMS 1&2, UK), USD 305/MT (HMS 1, South Africa), and USD 300-305/MT (Dubai) CFR India.
The offer prices have moved up as there have been deals at high priced deals in Turkey (The largest scrap importer). SIMS, a US based supplier booked a mixed cargo of 20,000 tonne HMS 1&2 (80:20) at USD 275.50/MT and 20,000 Tonne (Shredded) at USD 280.50/MT CFR Turkey.
Another prime reason for increasing price of scrap offers can be said to be the increasing price of coking coal due to cyclone in Australia. Which made the buyers to anticipate the increase in prices and that brought them back to the market. Notably, coking coal prices have increased by about USD 25/Mt in a day.
The prices seem to stay on the increasing side for coming months as the buyers were in a wait and watch situation for a quite long time. And now they would resume their buying to fulfill the demand of the mills.
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