Ferrous
scrap market gained momentum this week as prices moved up after a sharp
correction over last 2 weeks. Turkish buyers returned to the market and started making bulk orders.
Prices
for shredded scrap and HMS 1&2 (80:20) moved up by at least US$
7/MT this week from previous trade prices that was US$ 420/MT CFR Turkey. Market
participants are expecting prices to rise further in the days to come.
This week, a Turkish
mill closed a deal at US$436/MT CFR for shredded material from the USA. Another
US merchant was offering HMS 1&2 (80:20) at US$ 435/MT CFR Turkey.
“Sentiments
in the global ferrous scrap market are improving. Ferrous scrap prices inched up globally
in line with the improved buying interests and it is likely to rise further”, a
US supplier said.
Offers
to India also remained firm this week at US$ 455-460/MT CFR Mumbai for HMS 1&2
(80:20). Shredded material was offered at US$ 470-475/MT CFR Mumbai.
According
to a market source based in Mumbai, “Offers are likely to remain firm as appreciation in Rupee and healthy demand in global market will support the prices.
Offers for March deliveries have moved up by US$ 5-10/MT CFR.”
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