Scrap offers in global market look to have stabilized after a major downfall in last few weeks.US, largest supplier of ferrous scrap in global market has kept it offers stable to East Asian countries at around $365-370/t CFR Taiwan (in bulk) for HMS 80:20 (1&2). Meanwhile Turkish steel mills also look to secure cargoes before Ramdan festival.
In Indian market buyers are on sidelines over steadily depreciating Rupee against USD, making imports expensive than domestic scrap prices. Recently offers for HMS 1&2 from Dubai were at $360/t CFR Mumbai (in containers) but failed to get major buying interest. Indian buyers expect scrap prices to fall further by $10/t.
Offers from US/Europe for shredded scrap to Indian buyers are at $368-372/t CFR in containers.
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