Offers for ferrous to Indian importers remain firm
at US$ 460-465/MT CFR Nhava Sheva. Meanwhile, importers expect prices to
correct further by US$ 5-10/MT CFR on softening Rupee in exchange market.
A cargo of 60 MT of HMS (80:20) was sold at US$
460/MT CFR this week to an importer based in Mumbai by a UK supplier.
“Prices are likely to go down soon. But, it doesn't
seem to give any relief to us anymore, as Rupee is increasing in the currency
exchange”, said an importer based in Mumbai.
Further, European exporters also entered in the
market post a US deal was closed. A booked cargo from the USA was confirmed on
Tuesday, while a UK seller and two European sellers were offering cargoes to
Turkish potential buyers.
The US deal was for a mix of HMS 1&2 (80:20),
shredded and P&S at US$ 440/MT, US$ 445/MT and US$ 450/MT CFR,
respectively, from an east coast exporter. A merchant from Europe was also
offering a 32,000 MT cargo of HMS 1&2 (70:30) at US$ 418/MT CFR, to be
delivered in April.
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