Offers for ferrous
scrap to Indian importers have increased slightly for April deliveries. Offers
for HMS 1&2 (80:20) reached at 465-470/CFR Mumbai i.e. up by US$ 5/MT CFR
from previous deals have been closed.
A recent deal was
concluded at US$ 465/MT CFR Chennai (Australian origin) for heavy melting scrap
1&2 (80:20) for around 1,000 MT.
According to an
importer based in Kandla, “Weakening Rupee has given the support to the scrap
offers to India to move up. Ready material at the port is offered with an
average price of US$ 470/MT CFR Kandla. Exporters are unwilling to correct
their offers due to healthy demand for the material in global market and high
scrap prices in Indian domestic markets”
Turkey Market
Turkish steelmakers
are signing import contracts for April steel scrap supplies. In the third week
of March, the majority of deals were made with traders from the USA and Baltic
region.
One of the largest
US scrap collectors, who has made no major adjustments to prices for HMS
1&2 (80:20) and shredded scrap but has increased quotations of P&S
material, still enjoys high sales to Turkey. The rise in prices for the
material of highest quality is attributed to its limited supply.
One Turkish company
has bought a mixed lot, 17,000 MT of HMS 1&2 (80:20), 15,000 MT of shredded
scrap and 8,000 tonnes of P&S material, at US$ 440/MT CFR, US$ 445/MT CFR and
US$ 453/MT CFR respectively.
In another deal late last week, a US seller
sold a cargo of HMS 1&2 (80:20), shredded and P&S at US$ 443/MT, US$ 448/MT
and US$ 458/MT CFR respectively. This deal was closed at higher price than
above mentioned deal by around US$ 3-5/MT.
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