Indian imported ferrous
scrap offers remain high despite of small orders and strong Dollar in currency
exchange. Offers for HMS 1&2 (80:20) remain firm at 465-475/MT CFR Kandla
based on the quality and the origins. While, importers ordering on immediate
need.
“Indian Importers
are placing small orders at the moment due to weak demand from steel
manufacturers in India. Weakening Rupee is still a matter of concern for them
which resulted in the slowdown of the buying”, said a market participant.
Turkey & US Market
In line with the
improved demand from Turkish mills, ferrous scrap export prices rise by US$ 5-10/MT
last week, off the East Coast USA.
According to a market source, 8 bulk cargoes
were being heard sold from last (including 4 this week) with US$ 8/MT higher. One
cargo sold to Turkey at US$ 451/MT for HMS 1&2 (80:20) and US$ 456/MT CFR for
shredded scrap.
In another bulk deal, a cargo sold late
Thursday at US$ 453/MT CFR for 35,000 MT of HMS 1&2 (80:20) and US$ 463/MT
CFR for 5,000 MT of plate and structural scrap.
A third cargo of around 40,000 MT of HMS (80:20)
and shredded scrap sold at an average price of US$ 452/MT CFR. All these deals
were of US origins.
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