European
suppliers have raised their offers for ferrous scrap by around $30-35/MT this
week on short supply. Offers of HMS 1&2 (80:20 mix) in containers from
Europe and USA are at US$ 460-475/MT CFR this week, up from US$ 440-460/MT CFR
last week. Offers for shredded scrap have also moved up to US$ 475-495/MT CFR
this week i.e. up by 5-15/MT CFR from last week.
“Demand
in the South Asian region has improved this month and is likely to go up
further. So this has created a short supply of the material from Europe which
pushed up the offers this week”, said a mill official based in Turkey.
In
India, offers for Shredded scrap rose this week to $475/MT CFR Mumbai i.e. up
from the level of $465-470/MT CFR seen last week. HMS 1&2 (80:20) was also
offered at US$ 455-465/MT CFR from various origins i.e. also up by US$ 5-10/MT
from last week.
“Though
rupee has appreciated from last week, offers from suppliers are likely to move
up as global price are high for the product. Buyers prefer to wait and see as they
expect prices to ease down in the coming days”, said an importer based in
Mumbai.
In
Turkey, prices for ferrous scrap have eased by US$ 5/MT CFR Turkey as buyers
feel that offers from suppliers have already surpassed the peak level.
A
cargo of around 10,00MT of HMS 1 was sold at US$ 468/MT CFR Turkey i.e. down by
US$ 5/MT from the recent deal closed this week.
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