3 bulk cargoes have been sold last week to Turkish mills by US suppliers with lower prices. Turkish sources have confirmed that at least three bulk cargoes of ferrous scrap were bought off the East Coast in the past few days. More bulk orders are likely to place in the coming weeks after the slight correction in offers.
Two cargoes of around 85,000 MT of heavy melting scrap 1&2 (80:20) and 10,000 MT of shredded scrap reportedly was sold at US$ 443/MT CFR and US$ 448/MT CFR respectively, to be delivered by the end of March and mid-April. Such deals have been closed with lower price by US$ 3-5/MT from previous deals.
In an another transaction, same exporter has sold to a different mill at prices of US$ 440/MT CFR for HMS 1&2 (80:20), US$ 445/MT CFR for shredded and US$ 450/MT CFR for P&S scrap.
Improved global demand has also prompted Indian ferrous scrap importers to receive higher priced material. Meanwhile, HMS 1&2 (80:20) is being traded by US$ 460-480/MT CFR Nhava Sheva, depending upon the quality and the origins.
A cargo of around 250 MT of HMS 1&2 (80:20) was offered at US$ 480/MT CFR Nhava Sheva (Dubai origin).
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