European
countries have raised their offers for ferrous scrap ahead of Christmas as they
expect activities to pick up by mid of December. Shredded scrap was heard being
quoted at US$ 450-455/MT CFR Mumbai i.e. up by US$ 10-15/MT from a week ago.
Offers
for HMS I$II (80:20) remained unchanged at US$ 430-435/MT this week and no
deals were being heard closed till now. Indian buyers are still hesitating to
book imported cargoes as the exchange rate for Rupee against Dollar still
remains high.
A
supplier based in UK sold a cargo of around 1,000 MT of mixed material of HMS
I&II (80:20) at US$ 435/MT CFR Mumbai. While, he offered a cargo of
shredded scrap at 450/MT CFR Mumbai but failed to find any buyer for the same.
According
to a market participant based in the UK “Trading activities are gaining
momentum in the European markets ahead of Christmas. Bulk shipments are booked
as sellers will be absent from the market during Christmas. So, prices have
moved up by US$ 10-15/MT this week and are likely to go up further.”
“Offers to Indian importers may also move up
too. Market remains busy during the season and prices also stay high. So, there
is no sign of price correction in the coming weeks”, said an importer based in
Mumbai.
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