India: Shredded scrap sold at $412/MT CFR Mumbai

Offers for ferrous scrap continue to rise in
the global market including India. Shredded scrap was heard to have sold at
412/MT CFR Nhava Sheva Mumbai.

The deal was closed for containerized
shredded scrap for around 1,000 MT, with average loading of 27 MT per container.
Market participants are positive on the market scenario as they expect demand
to be increased ahead of Diwali (a major festival In India).

Offers for containerized HMS (80:20) are
hovering at $390-400/MT CFR Mumbai depending on the origins.

“Offers to India are increasing on healthy global
demand for scrap. Buyers are also looking to store ahead of festival, so demand
may pick up in the coming days”, said a major scrap trader based in Mumbai.

Turkey:
Ferrous scrap market stable after bulk sales last week

Turkish scrap market is quite stable this
week after booking around 170,000 MT of Deep Sea scrap last week. Mid last
week, Turkish mills have booked 5 Deep Sea cargoes.

A mill purchased 30,000 MT of P&S (plate and
structural) scrap at $414/MT CFR Turkey from UK. Another mill has booked 20,000
MT of HMS 1&2 (70:30 mix) at $374/MT CFR and mix lot of HMS I and shredded scrap
at $404/MT CFR for 10,000 MT.

Another finished long manufacturer has booked
a European origin mixed cargo of 30,000 MT of HMS 1&2 (70:30 blend) at
$375/MT CFR Turkey, 5,000 MT of shredded scrap at $405/MT CFR Turkey and 5,000 MT
of Plate and Structure (P&S) scrap at $410/MT CFR Turkey.

Another deal was closed for 30,000 MT of HMS 1&2
(70:30) at $380/ MT CFR and 10,000 MT of HMS I at $395/MT. A mill in the same
region has booked 30,000 MT of HMS 1&2 (90:10 mix) at $398/MT CFR.

Currently, offers are stable at $395-400/MT
CFR Turkey for HMS 1&2 (80:20) CFR Turkey and shredded at $405-408/MT CFR
Turkey.