Indian ferrous scrap importers held their purchases
in anticipation of further price corrections. Prices are likely to fall by US$
5-10/MT in the coming weeks.
HMS (80:20) quoted at US$ 455-465/MT CFR Mumbai from
various origins including Europe and Dubai. Offers for shredded scrap also fell
to reach US$ 470-475/MT CFR Mumbai. These prices are down by US$ 5/MT CFR from
quotes seen last week.
“Demand for the
ferrous scrap has come down in the global market. China has reduced buying
ahead of the Lunar New Year holiday i.e. due next week and Buyers in Turkey
also have sufficient stock with them. So, we expect offer prices for Indian
buyers to ease down in the days to come”, said an importer based in Mumbai.
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