Offers for ferrous scrap in Turkey remained unchanged as Turkish
buyers remained on the sidelines for a third day due to the Kurban Bayrami
holiday this week. HMS (80:20) material was quoted at US$ 420-425/MT CFR Turkey. Whereas, shredded scrap was offered at same price of US$ 435-440/MT.
Offers for Indian buyers also remained same as market participants expect a further rise in prices . A cargo of mixed material
of HMS (80:20) was sold at US$ 435/MT FOB Dubai by an exporter to India. Following
are the quotes at present:
– HMS (80:20): US$ 435-440/MT
– Shredded scrap: US$ 450-460/MT
– HMS (70:30): US$ 430-435/MT
Sellers in Europe have however started thinking about correcting their prices in order to offset the lower domestic demand and attract Turkish mills. So, going forward, one can see a price correction in the offers made to Turkish buyers. But Offers of Imported scrap for Indian buyers is likely to rise as Turkish buyers are expected to buy larger quantities in the days to come.
“Prices might go up by US$ 5-10/MT as most of the cargoes will be routed to Turkey and lesser cargo will be available for Indian buyers. However, factors such as depreciating Rupee against Dollar might keep buyers away from the imported cargoes “, said an importer based in
Aurangabad.
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