Ferrous scrap offer prices into India dropped
again this week. Europe and US origin material is being offered at $385-390/MT CFR
for HMS 1&2 (80:20), delivered in October. A containerized 500 MT of HMS
1&2 was sold at $385/MT CFR (US origin).
Shredded scrap is also being offered at
$410/MT CFR Nhava Sheva Mumbai, delivered in October.
“Prices are likely to come down as falling
steel prices in global market will push scrap suppliers to reduce prices
further. Rupee is also getting strong in the currency market and might give
support to the Indian scrap imports”, said a major importer based in Mumbai.
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