Middle East ferrous scrap offers to India saw an increase this week owing to strong buying from Pakistan. Current offers for HMS 1 (25 tonnes container load) are assessed at USD 275-280/MT CFR India, which was at around USD 265-270/MT CFR India last week.
“Prices are increasing on account of strong buying from Pakistan. We sold HMS 1 to Pakistan market at around USD 275-280/MT CFR Pakistan. Buying from India is slightly weak, but our offers remain firm at USD 275-280/MT CFR levels.” said a scrap exporter based in UAE.
UAE, which is the largest exporter of ferrous scrap in Middle East exported around 1 million tonnes of scrap. Out of which 90% is being shipped to India due to freight advantage and less voyage time.
Fewer offers from European market
Market participants report that there are limited offers from European market due to festive season.
There are no firm offers from European suppliers but prices for HMS 80:20 may not be less than $260-265/MT CFR India and shredded at USD 290-295/MT CFR India.
Global Imported Ferrous Scrap Offers in Week 1:
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 265 | 260 | 245 |
| HMS-1, Middle East | 275 | 265 | 240 | |
| HMS-1&2, S.Africa | 265 | 260 | 235 | |
| Shredded, Europe | 295 | 290 | 270 | |
| Shredded, US | 295 | 290 | 275 | |
| CNF Taiwan | HMS(80:20), US | 260 | 257.5 | 235 |
| CNF Turkey | HMS(80:20), US | 290 | 290 | 271 |
| CNF Bangladesh | Shredded, Australia/Europe | 305 | 297 | 278 |
| HMS 80:20, Australia/Europe | 285 | 280 | 260 | |
| CNF Pakistan | Shredded, US/Europe | 295 | 290 | 270 |
Resource- SteelMint Research
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