Offers
to India for ferrous scrap remain firm ahead of Christmas. European scrap
suppliers have closed their operations in the market due to the Christmas and
New Year holidays that limits the supply of material. Port wise market highlights are as follows:
Nhava Sheva, Mumbai: Inquiries for
the product have improved slightly than previous week. HMS 1&2 (80:20) was
quoted at US$ 435-445/MT CFR Mumbai but buyers are willing to pay between
US$ 425-430/MT CFR. Shredded material was traded at US$ 450-460/MT CFR Mumbai.
Kandla: Trading
activities have improved this week. HMS (80:20) was traded between US$ 430-435/MT
CFR. Importers expect offers to move up due to the limited supply in the coming
weeks.
Chennai: Imported
scrap market remained quiet so far this week. Buyers are still hesitating to
book fresh orders at such high prices. HMS (80:20) was quoted at US$ 450-455/MT
CFR Chennai from Dubai Origin, but no deals have been closed at such price
as yet.
“Export
offers are likely to open at high at the beginning of the New Year. Scrap suppliers
will quote high prices for fresh deals after Christmas and New Year holidays”, said
an importer based in Chennai.
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