Middle East scrap offer to India remain firm at USD 265/MT.
Turkish scrap import prices came down on 19th Jan’17 as the US based material was sold to Turkey at lower price USD 282/MT CFR, down by USD 6/MT as compared to USD 288 /MT CFR.
Turkey is the largest importer of scarp is currently facing challenges due to political instability; a weakening currency and bad winter weather are the reasons for the low pricing.
Europe origin HMS 1&2 (80:20) traded CFR Turkey at USD 273/MT CFR, down by USD 6/MT.
Middle East Offer Remain Firm to India:
Middle East ferrous scrap (HMS-1) offers to India this week remain firm at USD 265/MT CFR India. Shredded scrap offer from UK/Europe are assessed at USD 288-290/MT CFR India.
Trader mentioned India buying continue to remain weak with low cost scrap and sponge iron availability. Present domestic HMS scrap in Mumbai are available at INR 18,350/MT (USD 269) Sponge Iron FeM 80, lumps are available at INR 19,000-19,500 (USD 280-290).
Global Imported Scrap Offers in Week-4:
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 265 | 265 | 260 |
| HMS-1, Middle East | 265 | 270 | 255 | |
| HMS-1&2, S.Africa | 265 | 265 | 260 | |
| Shredded, Europe | 290 | 295 | 290 | |
| Shredded, US | 290 | 295 | 295 | |
| CNF Taiwan | HMS(80:20), US | 252 | 255 | 255 |
| CNF Turkey | HMS(80:20), US | 282 | 293 | 293 |
| CNF Bangladesh | Shredded, Australia/Europe | 302 | 305 | 300 |
| HMS 80:20, Australia/Europe | 283 | 285 | 285 | |
| CNF Pakistan | Shredded, US/Europe | 290 | 295 | 290 |
Source: SteelMint Research
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