Ferrous scrap offer prices to Indian
importers remain stable at $385-410/MT CFR depending on the origins and grade.
According to the market sources, prices are likely to drop further.
“We might see some further correction in the
offers, especially from US suppliers. Demand is weakening globally and it will
help us to ask for more discounts in the offers”, said a major importer based in
Chennai.
In a recent deal, containerized HMS (70:30)
was sold at $385/MT CFR Chennai for a small tonnage of around 600 MT. Another deal was concluded earlier this week at
$395/MT CFR Chennai for HMS (80:20) from South Africa.
Further, offers for HMS (80:20) and shredded
scrap are prevailing at $385-395/CFR and $400-410/MT CFR Nhava Sheva Mumbai respectively.
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