Turkish buyers are looking for those
suppliers who can supply material at lower offers. Late last week, HMS 1&2
(80:20) was offered at $380/MT CFR from the Black Sea region, down by $10 from the previous trade price.
Turkish mills are asking Black Sea suppliers
to reduce prices. It will help them to enforce European suppliers to lower their prices.
Further, only deal was heard to be closed
from Deep Sea region this week was the 40,000 MT of mixed cargo of HMS 1&2
(70:30), shredded and A3 scrap at $390/MT CFR Turkey. While a 30,000 MT cargo HMS
1&2 (80:20) was sold at $403/MT CFR Turkey (UK origin).
Demand is likely to pick up in the days to
come as Turkish mills will put more orders after Ramadan holidays.
India: Ferrous scrap offers to India continue to
remain range bound as no major deals have heard to be done. HMS (80:20) is
being offered at $400-405/MT CFR (UK, Europe origin) while shredded is being
offered at $420-425/MT CFR Mumbai.
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