Imported Scrap Offers to Turkey at 1-Yr High; Offers to India Rise Further

1. Scrap offers at Turkey rise by around USD 20/MT in a days time

2. Shredded offers to India touches USD 285-300/MT CFR basis

Scrap offers at Turkey rise by around USD 20/MT

Continued active buying at Turkey takes scrap prices high by USD 20/MT in days time. HMS 80:20 offers (and deals) which were yesterday recorded at USD 292/MT levels, CFR Turkey, is today assessed at USD 312/MT, CFR basis.

Market participants here are surprised looking at the sudden hike, whereas some expect price rise to continue further and touch USD 350/MT levels.

Last offers (for HMS 80:20) from Europe were heard at around USD 296-300/MT while from USA at USD 308-312/MT CFR Turkey.

Shredded offers to India touches USD 285-300/MT levels

Active trade of seaborne scrap in global had kept scrap prices surging. Despite low buying interest from Indian manufacturers scrap to India continue to rise.

Shredded offers which were hovering around USD 275-285/MT previous week, are currently not less than USD 285-300/MT, CFR India. While HMS 80:20, which is not much in talks these days, is heard around USD 265-275/MT CFR India (European origin).

Offers from South Africa are at USD 275/MT and Middle East at USD 265-275/MT for HMS (25 tonnes loading).

“Right now, we are not buying seaborne scrap looking at the increased offers. Domestic sponge and scrap are far better and viable option for us”, said a billet manufacturers at Mumbai, India.

Buying interest at India for Shredded is not more than USD 240-250/MT, CFR  shared another manufacture.