Activities in the
imported ferrous scrap market shows some sign of improvement as importers have
booked some fresh orders last week. Prices for ferrous scrap in Mumbai remain
firm.
Offers for HMS
(80:20) remained firm at an average price of $450/MT CFR Mumbai while shredded
scrap was quoted at $465/MT CFR Mumbai. Market participants expect prices to
move up further in the weeks to come.
A supplier from Dubai sold around
25,000 tones of HMS (80:20) at US$ 445/MT CFR Nhava Sheva Mumbai to a Mumbai
based importer. The same supplier has offered HMS (80:20) at US$ 450/MT CFR
Mumbai to be delivered next week.
“Going further, imported ferrous
scrap prices are likely to inch up as sentiments in the Indian market have
improved and limited supply has made it expensive worldwide. Importers have
started buying the material in anticipation of further price hikes in the
global market”, said an importer based in Mumbai.
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