International
ferrous scrap market continues to remain calm since July. Though few bulk cargoes have been sold during the month. Market participants
expect buyers to return to the market by the end of the month.
According to market
source, “Buyers may return to the market in the coming month to log bulk orders
for the traditionally busy season for the steel products in September.”
India: No major buying has been seen
in past few days as buyers prefer to wait and watch at the moment. Rupee
continues to fluctuate in the currency market which prompted importers to stay
sideline. Offers for HMS (80:20) from Europe remain at $400-410/MT CFR.
Turkey: Offers to Turkish mills have
slightly inched up to $385-390/MT CFR Turkey for HMS (80:20) grade.
A mixed cargo was
sold from Europe for 20,000 MT of HMS 1&2 (70:30), 5,000 MT of HMS 1 and
5,000 MT of shredded material with an average price of $392/MT CFR Turkey.
US: US ferrous scrap export prices were mostly
unchanged over the past week as exporters failed to log any bulk sales off the
US East Coast or West Coast. Though there were a slight hike in the offers but
remained short-lived.
Offers for HMS
1&2 (80:20) remain unchanged at $335-340/MT FOB East Coast. Shredded
material offered at $340-350/MT FOB East Coast.
UK: UK domestic mills have succeeded to purchase
the material with $10-15/MT lower from last trades. Suppliers have reduced the
offers for all major grades for material delivered in July.
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