Imported scrap prices remain unchanged to India at US$ 450/MT from Dubai and Europe origin. Market participants are cautious due to the high volatility in the international market.
“Buyers are limited for the product as the demand for domestic & imported scrap is still weak in the market. Sellers may reduce their offers to attract importers into the market”, commented a market participant, based in Mumbai.
At the other end, U.S. ferrous scrap exporters booked two new sales to Turkish steelmakers in the last week and are looking to add more this week, but demand from the Turkish buyers remain absent as demand reduced for Steel Billet and Re bar produced in Turkey due to the global slowdown. No further bookings were being heard and prices for HMS Scrap (80:20) I&II remain at US$ 445/MT from US.
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