Imported
scrap prices moved up on fresh enquiries. Prices for ferrous scrap gone up by
US$ 5-10/MT. Export countries expect market to pick up. HMS scrap (80:20) was
offered at US$ 450/MT CFR Nhava Sheva Mumbai from Dubai origin.
Offer
from US remained at the same price at US$ 400-410/MT FOB. Market participants
expect prices to fall in the days to come due to the weak demand from buyers in
domestic as well as overseas market. Whereas, offer from UK also declined due
to the dull export market. HMS (80:20) I&II was offered at US$ 365-370/MT
FOB. European suppliers are struggling for every customer including Turkish
one, amid slack business activity in the region.
At
the other end, Turkish scrap market remained calm. Turkish buyers expect market
to pick up as more deals to be closed in coming weeks.
Turkish
steelmakers purchase little import scrap, expecting its quotations to fall
further. However, suppliers are in no hurry to back down, preferring to delay
sales, because market picture becomes more favorable for them. Scrap collection
gradually declines in some regions while steelmakers need to stockpile at least
minimal amounts of scrap ahead of winter. The situation in the segment for
finished products has also changed for the better, making scrap collectors
optimistic: sales of Turkish rebar have risen somewhat. Besides, scrap
exporters still have their own reasons not to drop prices.
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