Eyeing
on the global ferrous scrap markets, Indian importers expect scrap offers to
touch a new high to US$ 500/MT CFR in the coming weeks.
In
a recent deal late last week, a cargo of HMS 1 sold at US$ 484/MT CFR Nhava
Sheva Mumbai (quantity not specified). However, the same quality of material
was purchased at US$ 433/MT in December 2011 last year.
A
Dubai based supplier is also offering HMS 1&2 (80:20) at as high as US$
470-475/CFR Mumbai this week.
According
to an importer based in Mumbai, “Demand for ferrous scrap has improved globally
specially from Turkey, China and Japan in past few weeks. This has supported international
offers for the material and prices are likely to remain high in the days to
come.”
“Sponge
iron prices are also booming in Indian steel market followed by ferrous scrap.
Meanwhile, steel manufacturers have also started restocking the material in new
financial year for more production in the days ahead. This has lent support to
the domestic and international offers as well”, he added to his
comment.
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