Prices for imported ferrous scrap went down by US$
20-30/MT this month due to weak demand from the import countries like India,
Turkey and China. Offers of HMS 1&2 (80:20) from the USA
and Europe into the Asian region are at $435-450/MT CFR this week, down from
$450-460/MT CFR 2 weeks ago.
SteelMint learns that that the western American
scrap prices to Asian buyers have decreased by US$20-30/MT after Chinese New
Year vacation. The US container HMS 1&2 (80:20) selling prices to Turkey
had ever surged to US$ 465/MT CFR; however, it has dipped by US$ 40/MT to
US$ 425-435/MT CFR recently.
However, the price of the western American scrap is
smaller than that of eastern American scrap because of the Asian buyers' stable
orders. For the eastern American scrap market, the scrap prices have
dipped due to Turkish buyers' slow purchase.
Further,
Offers to Indian importers remained firm at US$ 450-460/MT CFR for HMS 1&2
(80:20). Shredded material was offered at 460-470/MT CFR. Importers to book fresh
orders in the coming weeks, says an importer based in Kandla.
According
to a trader based in Singapore, “Demand is still very flat. We haven’t received
many queries.”
“International
scrap prices have been falling too. Turkey is not buying. We heard demand from
China is not good either,” another trader in China stated.
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