Offers from European and US
ferrous scrap suppliers have gone down by $30-45/MT over last couple of weeks
due to global slowdown in demand.
Ferrous scrap in US settled
lower on Monday, with offers for HMS 1$2 (80:20) down by $25-30/MT and that for
shredded steel scrap falling by $30/MT to reach $415/MT. HMS 1 proved more resilient than other cut
grades, dropping by just $25 to reach $415/MT for February orders.
According to a market participant, “Prices
were under pressure as supply was more than demand despite of healty trade
volumes for February. Prices are expected to remain firm over the next week as
winter conditions across Europe and the CIS countries will make scrap
collection and export harder, causing tightness in supply”.
Offers to India remain firm despite of lower
export offers. HMS 1&2 (80:20) traded at US$ 450-460/MT CFR Mumbai and
Shredded scrap was traded at US$ 465-470/MT CFR Mumbai.
“Suppliers have
raised their offers in line with the depreciating value of Dollar. Offer prices
may remain firm if Rupee continues to strengthen against Dollar”,
said an importer based in Mumbai.
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