On April 3, SteelOrbis reported ex-US East coast bulk shredded scrap deals to India at $290-305/mt CFR Nhava for the week ended March 31. These deal prices were $10/mt lower than the $300-305/mt CFR Nhava offers that were heard from March 23 into the early part of the week ended March 31.
According to export sources on the US East coast, both bulk cargo and container deals for shredded scrap were heard in the market this week. Bulk cargo deals to Pakistan and India were heard at $300-303/mt CFR while containerized shredded was sold to both Pakistan and India at $310-312/mt CFR. Offers to India for containerized shredded scrap from the US East coast are presently being heard at $315-320/mt CFR Nhava.
The price for US origin shredded scrap at the moment is at $280-290/mt FAS East coast port.
A source noted that containerized demand for shredded scrap to India and Pakistan has been stronger than anticipated due to the fear of shipment delays resulting from shipping line price increases and equipment maintenance issues at ports. Initially, increased buying was expected from Indian scrap buyers based on the INRs stronger currency position against the dollar and stronger domestic sales of finished steel products. The exchange rate per dollar for the INR has fallen from over 68 in January to under 65 on April 6.