Activities
in the imported scrap market improved as suppliers reduce their offers further
from the last week.
Some
fresh deals for imported Scrap which were closed recently include –
a cargo of mixed material of HMS 1 & 2 (80:20) sold by a supplier from
Oman at US$ 420-425/MT i.e. down by US$ 5-10/MT CFR Kandla and a cargo from
Africa of HMS 1 & 2 (80:20) bought at US$ 390/MT CFR Kandla.
“Domestic
scrap prices are still high due to the shortage of both sponge iron &
imported scrap. The softening of imported scrap prices might prompt domestic
sellers to cut down their prices as well”, said a finished product manufacturer
based in Mumbai.
“Correction
in prices this week is expected to attract some fresh orders from the
importers. We expect demand for imported scrap to improve in the coming weeks”,
he added.
In
the International market, fall in inventory of scrap and strengthening of
Re-bar prices made South Turkish mills buy scrap at higher prices. HMS 70:30
was heard being offered at $420/MT, while super HMS (structure cutting) was
quoted at $455/MT.
According to a scrap trader in Turkey, “Mills in
Iskenderun, South Turkey have increased their queries for scrap and as a result
the offer prices have moved up by $4-5/MT”.
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