With the increase in domestic demand due to strong buying by Turkey as well as the festival of Ramadan coming to an end, prices of Scrap (HMS 1&2) has witnessed an upturn of GBP 10-15/MT (USD 15-20/MT) in local market (UK) as compared to prices in the previous week.
Current offers are in the range of GBP 205-210/MT (USD 313-321/MT) Ex-works UK for HMS 1&2 (80:20). Whereas, price of HMS 1 (100%) stands at GBP 230/MT (USD 351/MT).
On the other side, export offers from UK for HMS 1&2 is at around USD 370/MT CFR Turkey. Whereas the offer comes to India is in the range of USD 355-360/MT CNF Mumbai.
Speaking to a trader as well as an exporter based in UK at the juncture narrated that currently Turkey is the biggest buyer of scrap (all grades). The material is also being exported to Pakistan and China from the country (UK).
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