Indian
Market: Indian importers entirely stayed sideways
Indian importers continued to remain sideways
in the market on falling Rupee. Offers came down to US$ 440-450/MT CFR Nhava
Sheva for HMS 1&2 (80:20), while Shredded material offered at US$ 460-465/MT
CFR Nhava Sheva Mumbai.
Rupee hits all time low at 56.4679/USD and closed at 56.11/USD on Thursday.
USA
Market: Offers dropped down in West Coast
US West Coast Scrap export offers dropped
down on weak buying interest in domestic and global market. Currently, HMS 1&2
(80:20) are being traded at US$ 380/MT FOB West Coast.
US scrap exporters have something to cheer
about this week. Reportedly, one Turkish mill has bought a mixed cargo containing
30,000 MT of HMS 1&2 (80:20), 10,000 MT of shredded scrap and 5,000 MT of
P&S Scrap from the USA at US$ 420/MT CFR, US$ 425/MT CFR and US$ 430/MT CFR,
respectively.
However, offers are likely to come down
further to Turkey in early June. Offers from the USA have also dropped US$ 5-10/MT
this week. As a result, prices for US material to Turkey have declined by US$ 25/MT
from last week.
Turkey
Market: Turkish Mills resume Scrap imports this week
Turks
have resumed purchases globally amid lower offers from suppliers. Turkish
buyers received few cargoes with lower offers.
A
Belgium exporter has been the most flexible and agreed to sell 7,000 MT of HMS
1&2 (70:30) and 2,000 MT of shredded scrap at US$ 385/MT CFR Turkey and US$
405/MT CFR, respectively. Prices are down by US$ 20-30/MT from the last weeks.
CIS Market: Offers down by $ 15-20/MT
to Turks
CIS
Scrap suppliers have lowered their offers by US$15/t Turkish buyers. At the end
of May, A3 scrap was being heard sold at US$ 395-405/MT CFR.
Meanwhile,
Romanian suppliers have also signed a contract for A3 scrap at US$ 405/MT CFR
Turkey.
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