Friday, February 11,
The Indian scrap market was very quiet this week as no buying activity was observed, traders said.*
“The markets are at a standstill. There are no deals being done and everybody is waiting for direction from Turkey and China,” a Dubai-based trader said.
Cfr scrap offers to Nhava Sheva are pegged at $450/ton, although buyers are still not willing to purchase at such levels. Some even offered $460/ ton but soon they had to back out and lower prices to $450/ton. Taiwan is making cautious steps to purchase material. Prices for HMS 1&2 and shredded scrap are $450/t and $455/t respectively for Kaohsiung area.
“Nobody knows what will happen tomorrow but there are two possible scenarios: either the market will move downwards or when the traders receive payments for deals closed on low price, they will start to hold the material and speculate.”
“In my opinion, the second option is more realistic, I expect that prices will go up after a small correction and will reach a peak by the end of March” said a trader based in Mumbai.
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