A few low volume import deals of ex-EU containerized shredded scrap to India have been reported in the market during the week ended August 4 at $315-320/mt CFR Nhava, but no ex-US deals were reported. With the latest import scrap deals in Turkey increasing and supporting US export scrap prices on both the East and West coasts, offers for ex-US containerized shredded are presently at $335-350/mt CFR Nhava.
While some traders believe it may be some time before Indian buyers ramp up ex-US scrap buys given their domestic economic situation, a source noted that “Indian steel mills may seek to speed participation in the present strong steel pricing market and will need to increase scrap purchases to meet production.”