Healthy demand from the Indian importers pushes the
prices for imported ferrous scrap this week.
According
to the market sources, ferrous scrap prices are likely to move up further in
March as importers have started booking more material.
Inventories in the scrap yards are also declining.
Offers
for HMS 1&2 (80:20) have gone up to US$ 460-475/MT CFR Nhava Sheva, a trader
said, compared with US$ 445-455/MT CFR last week. Shredded material in
containers is being sold at $470-475/MT CFR Nhava Sheva i.e. up by US$ 5-15/MT
CFR from last week.
According
to a market participant based in Mumbai, “Freight costs due to transit time and
tight supply of the product have prompted suppliers to raise their offers.
Prices are likely to remain firm in the coming weeks as importers will look to
procure the material ahead of Holi festival.”
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