US Market
Western American scrap prices to Asian buyers have
decreased by US$20-30/MT after Chinese New Year vacation. The US container HMS
1&2 (80:20) selling prices to Turkey had ever surged to US$465/MT CFR;
however, it has dipped by US$ 40/MT to US$ 425-435/MT C&F recently.
However, U.S. ferrous scrap export prices on the
East Coast moved up again this week after several weeks of declines as low
freight costs and strong Turkish demand keep material flowing offshore, helping
U.S. exporters bring balance to large inventories.
Turkey Market
Offers
of HMS 1:2 (80:20) from the USA and Europe into the region are at $430-440/MT
CFR, down from $450-460/MT CFR. However, few cargoes were being heard sold on
Wednesday. A US scrap merchant sold a cargo of 35,000 MT of HMS 1&2
(80:20), 3,000 MT of shredded material at $ 428/MT to a Turkish mill.
“Demand
is still very flat. We haven't received many queries”, a trader in Singapore
said.
“International
scrap prices have been falling too. Turkey is not buying. We heard demand from
China is not good either,” an importer based in China stated.
India
Market
Indian
ferrous scrap markets also remain quiet this week. Importers stay cautious over
fluctuating Rupee in the currency market. Offers for HMS 1&2 (80:20) remain
at 450-460/MT CFR and Shredded scrap at 460-475/MT CFR.
Few
deals were concluded this week including a small quantity of 250 MT of HMS 1&2
(80:20) with an average price of $ 450/MT CFR.
Leave a Reply