Imported
ferrous scrap prices corrected again by US$ 10/MT on weak demand. Exporters
have expected sales to move up after Diwali holidays but buyers were away from
the market.
“The
market is still unpredictable for imported scrap. We anticipated that it will
rise after the Diwali vacation and some fresh bookings will be closed, but
buyers have still not shown their interests to close new deals. It made us to
correct our prices again”, said a Dubai based exporter.
Shredded
material was offered in container at us$ 440-450/MT CFR Nhava Sheva and US$
420-430/MT for HMS I&II (80:20) i.e. down by US$ 8-10/MT from last week. However,
No bookings were being heard at this price.
According
to a broker based in Mumbai, “Scrap offers are keep on declining from export
countries over depreciating rupee and weak buying interest. It is hard to infer
the future outlook of the market as buyers are still away from the trading
activities.”
At
the other end, Offers for HMS scrap I & II (80:20) to Turkey have slightly
improved as Turkish buyers have cut their margin on purchases. HMS scrap was
offered at US$ 425/MT i.e. up by us$ 3/MT from previous quote. Offers for
shredded material was quoted at an average price of US$ 433/MT CFR Turkey.
European countries expect Turkish offers for
ferrous scrap to pick up soon as the stock are at low levels in Turkey. A cargo
of 45,000 ton of shredded scrap & 25000 ton of HMS scrap was sold this week
from US exporter at US$ 435/MT & US$ 430/MT CFR Turkey.
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