Shredded scrap
offers to India continue to hover at $420-425/MT CFR based on the origins of
the material. Indian buyers stay sideways and asking for steep discounts for material.
Reportedly, Offers for European shredded
material in containers are hovering now at $420-425/MT CFR Nava Sheva, stable
from last week.
In a recent deal, late last week one cargo
sold $420/MT CFR Nava Sheva for a mere 500 MT shredded scrap. Importers are
looking on more downward trend and expecting prices to come down by another
$10-15/MT CFR.
Further, offers for HMS 1&2 (80:20) are
hovering at $390-395/MT CFR Chennai from African origins and Middle East
region. Dubai based suppliers are offering the same grade at $410/MT CFR
Chennai.
“Prices are stagnant from over couple of
weeks in the market. But there is no hope for revival in the coming days.
Demand for steel products are falling so as prices, especially in finished
goods. It is hurting steel makers and prompting them to book scrap cargoes”,
said a major scrap importer based in Chennai.
African origin scraps (HMS 80:20) also being
offered at $390-400/MT CFR Nhava Sheva Mumbai.
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