Saturday, July 05,
Demand for steel scrap in the both domestic & international market has started declining as this is the time when Europe starts to talk about maintenance shutdowns, summer slowdowns. And on top of this the holy month of Ramadan further lowers the trading.
The Indian import market for scrap has also shown signs of weakness and is suffering from a seasonal slowdown as monsoons have hit some of the country’s regions and steel makers have scaled back their production. So, reduced production levels have resulted into a decline in scrap imports.
Buyers and sellers have stalled over any price negotiations. Sellers are looking to secure deals at $485-49/MT (CFR) Nhava Sheva or Chennai. While, steel mills are looking below $480/MT for a potential purchase.
Turkish mills have secured at least seven deep sea cargoes this week, with HMS 1&2 (80:20) being sold between $466-471/MT CFR from the US, and European merchants.
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