Offers for imported ferrous scrap move
up in line with hike in export prices globally. Market participants expect
prices to remain firm in the coming weeks as limited supply from export
countries will keep the scrap prices high. Offers for HMS (80:20) and shredded
scrap moved up by US$ 5-10/MT in the beginning of the year to reach US$
435-445/MT and 455-465/MT respectively.
Suppliers have raised their offers for
Indian importers in line with the recent deals that took place with
other import countries including Turkey. Offers for HMS and shredded scrap to
Turkey moved up by US$ 10-15/MT from last week.
A cargo of around 1,000 MT of mixed
material HMS 1$2 (80:20) was offered at US$ 440/MT by an African supplier to a
Chennai based importer. While, another cargo of 15 containers of HMS scrap was
sold at US$ 425/MT CFR Kandla from Middle East, Africa.
“Sentiments in the
global ferrous scrap market are getting better. European suppliers are still
away from the market and they will return at the mid of this week. Limited
supply has kept the offers high and it is likely to remain high in the coming
weeks”, said an importer based in Mumbai.
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