US cuts its offer for Ferrous Scrap 

US cut their offers for ferrous Scrap to import countries in
step with the European countries. Prices for global ferrous Scrap have dropped
by US$ 15-20/MT from last week.

Ferrous shredded scrap prices for export dropped to $440/MT i.e. delivered in containers to East Coast docks, mainly because buyers sending
material to India had to contend with lower landed prices there.

According to Scrap trader based in US “The Indian market
is still slow, mainly based on the dollar being strong. Most of the mills are looking
to buy at levels of $485/MT CFR India for shredded Scrap. We're at $440/MT now;
it was $465/MT FOB last week,” he said in an interview.

Another trader stated that the Correction of US$ 25/MT from
last week is the largest in October. Prices for HMS (80:20) I & II dropped
to US$ 400/MT FOB East Coast i.e. corrected by US$ 20/MT from last week.

Some cargoes were heard being quoted at US$ 390/MT in
East United State region i.e. down by US$ 20/MT from US$ 410/MT delivered to
mill.  One trader based in the same
region, put the same purchase price.