Ferrous scrap exporters raise offers on improved buying in Global market

India
Market

Ferrous scrap offers to India continue to remain
firm at US$ 460-480/MT depending upon the quality and the origins. Offers for
HMS (80:20) & Shredded material move up by US$ 10-20/MT this month (to be delivered
in March) to reach US$ 460-470/MT & 470-480/MT CFR respectively.

US
Market

A strong export market and healthy domestic demand
could combine to push ferrous scrap prices slightly higher in March. Offers for
HMS 1&2 (80:20) reached at US$ 400-410/MT FOB.

According
to a trader based in East Coast, “U.S. prices could receive a modest $10-15/MT
rise due to improved export market demand.”

“Domestic
mills have strong order books and need scrap. The East Coast export market is
also very strong with Turkey and India both in the market. This could help push
domestic prices a little next month,” he added during the 65th annual
consumers' night banquet organized by the Mid-America chapter of the Institute
of Scrap Recycling Industries (ISRI)

Turkey Market

Ferrous scrap sellers have raised prices for their
cargoes this week on tight supply of the product. Prices for Billet and Re-bar prices rise up on expensive scrap. Offers for HMS 1&2 (80:20) reached at US$ 435-440/MT CFR Turkey.

“A
stronger euro against the US dollar has also contributed to higher offers from
European sellers, as they look to claw back margins after some low-priced sales
around three weeks ago”, an importer in Turkey said.