With some signs of improvement seen in scrap prices in U.S., it is likely that imported scrap offers to India from US, Europe and Africa might go up in August or September.
Market participants report Steelmint that HMS offers to Turkey (One of the largest importer of ferrous scrap) have gone up to $390-400/t CFR on strong Euro and rise in steel prices in Turkey.
Further, HMS (80:20) is offered at $400/MT CFR Nhava Sheva Mumbai, but there are no buyers in the market at such price level.
“It is likely that HMS 80:20 offers can go up to $410-420/t, CFR Mumbai in the coming weeks. Although imports are weak owing to falling steel prices in India, it looks difficult that steel mills will be keen to procure at these prices.” said an importer based in Mumbai.
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