HMS Scrap offers to India down further by $10/MT

Offers for ferrous
scrap in the global market continue to fall. Containerized scrap offers to Indian importers
went down by $7-10/MT on Monday due to weak demand from British region. US export
prices for bulk and containerized scrap to India is also under pressure after a
deal was closed at lower prices than US from a UK based exporter.

Reportedly, a deal was concluded of around 10,000MT
of containerized shredded scrap at $413/MT CFR Chennai from a UK supplier. The
sale price was lower by more than $10/MT Thursday last week

“Buyers are still eyeing on the below $400/MT
level for ferrous scrap in order to take fresh positions in the market. Offers
may slide further by another $5-15/MT”, said a market source

In addition, a cargo was sold to a Turkish
mill at a composite price of $380/MT CFR Turkey. It includes 2000MT of shredded scrap, 9500MT of HMS 1&2 (90:10) scrap, 2000MT of P&S scrap and 1500MT of HMS 1&2 (70:30) scrap.