Offer price for Imported HMS Scrap from Indian
merchants and traders fell this week due to depreciation of the Indian rupee
against the US dollar. HMS Scrap (80:20) was quoted at US$ 470-475/MT. Offers
for Shredded Scrap also corrected by US$ 5/MT. Small cargoes of shredded
material in containers were sold at $490-500/MT C&F Nhava Sheva Mumbai i.e.
down from $495-500 C&F last week.
Whereas, U.S. ferrous scrap exporters are
looking forward to the strong demand in overseas markets. Whereas, domestic
steel mills in US have bought their HMS Scrap needs for the month and prices
have remained stable. Some cargoes were being heard quoted at US$ 500-505/MT
this week.
“Some fresh buying activities
has been seen from Asia for both bulk cargoes and containerized scrap but again
it varies from country to country” said one West Coast trader.
According to an industry source “2
bulk cargoes are bought by Chinese steelmakers, with the average price ranging
from $501/MT to as high as $504/MT for HMS Scrap 1” i.e. up by US$ 10-15/MT.
“Chinese aren’t the only active
buyers in the market. Steelmakers in Taiwan, Thailand and Vietnam are also
buying HMS Scrap” he added.
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