SteelOrbis has heard from some market sources that ex-Middle East
scrap offers to the Indian market for HMS I/II 80:20
scrap have decreased by $5-10/mt over the past week to the range of $260-265 CFR. Meanwhile, ex-Europe offers to
India for HMS I/II 80:20
scrap and shredded
scrap have remained stable week on week at $270-272/mt CFR and $295/mt CFR, respectively. Market sources state that European
scrap suppliers are keeping their export prices stable amid decent
scrap demand in the European domestic market. Meanwhile, Japanese shredded
scrap offers to
India are at $300/mt CFR.
Market sources state that prices in the local Indian billet market have softened and so Indian buyers, who find billet prices more attractive than import
scrap prices, prefer to conclude deals for billet. Also,
scrap demand from Indian mills is expected to be impacted by weaker construction activity due to the approach of the monsoon season.