Saturday, July 16,
The market for scrap worldwide is showing a downward trend and prices are expected to correct soon at all international markets.
With Ramadan approaching, activities in the market are likely to slowdown. However, the surge of buying activities that often occurs prior to the month is yet to occur.
Deals for imported scrap were concluded this week at $465-468/MT CRF Nhava Sheva and Chennai as against $477-482 before the end of June.
Prices are expected to fall further, to $450-452/MT CFR Nhava Sheva for HMS 1&2 (80:20) and $465-470/MT Nhava Sheva for shredded, reason being tight liquidity and global slowdown in scrap market.
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