Offers
for ferrous scrap imported to India reach as high as US$ 480/MT CFR from UK
suppliers. Increase in global ferrous scrap export prices and freight charges
have prompted European suppliers to keep their offers high despite lower buying
interests from Indian importers.
In
a recent deal, a cargo of around 20,000 MT of HMS 1&2 (80:20) was heard
being sold at US$ 480/MT CFR Nhava Sheva Mumbai. Shredded material was offered
at US$ 490-495/MT CFR Mumbai.
Dubai
based suppliers have also raised their offers by $5-10/MT from previous trade
prices. HMS (80:20) was heard being offered at US$ 500-510/MT CFR Chennai
According
to an importer based in Chennai, “Buyers are reluctant to book bulk orders at
such high prices. Power cut issues have made steel manufacturers to run their
units under capacity and prompted them to demand less for the material. Demand
for domestic scrap also remains low in the market.”
Further,
offers for HMS 1&2 (80:20) to Turkey remain flat at US$ 445-450/MT CFR. No
deals were closed on Monday as buyers remain out of the market due to holiday
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