Offers
for ferrous scrap from US are went upwards in this week. European steelmakers
have raised their prices for raw materials. Offers for ferrous scrap moved up
by US$ 5-10/MT from last week and it is likely to rise further with bulk
shipments this week from both east and west coasts.
According
to a market participant, “I think the sentiment in Europe and Turkey is
becoming more positive regarding the market.”
“European
steelmakers have increased raw material prices. Inventory levels at Turkish
mills are low. The Turks are booking cargoes from Europe as currency favors
this exchange. However, they will need to look to the U.S. for additional tons
and better quality.” he added.
“Most
people expect export yard buying prices to increase by at least US$ 10 per
gross ton in the coming days. Even then it will not draw scrap from western
regions,” he said.
The
domestic (East coast) shredded scrap suppliers are shipping cargoes to local
mills that limited the supply to the exporters.
Moreover, Offers to India remain unchanged at
US$ 430-435/MT CFR Mumbai for HMS (80:20) and US$ 440-450/MT for shredded
materials. Import offers to India likely to remain at the current price level
from European countries due to the healthy demand for the product from both
domestic and international market.
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