It is reported that some small trades happened this week in Turkey for ferrous scrap. A
cargo was heard being sold this week to a Turkish buyer, including HMS (90:10)
and shredded scrap from a US supplier at $388/MT CFR Turkey.
Another deal was concluded for around 40,000MT cargo of HMS 1&2
(80:20), shredded and P&S this week. Prices were at $380/MT CFR for HMS
1&2 (80:20), $385/MT CFR for shredded and $390/MT CFR for P&S scrap.
However, offers to Turkish mills continue to fall as buyers are anticipating further correction in the prices and hold their purchases.
Offers for ferrous scrap in US domestic market have also reached as low
as $370-374/MT. Sluggish demand in local market has prompted suppliers to
reduce the offers.
Further, HMS 1&2 (80:20) to India offered in the range of $415-425/MT
CFR Mumbai. Importers expect further decline of $10-15/MT next week and start
procuring the material.
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