For the week ended March 3, SteelOrbis was informed that US origin shredded scrap offers to India were at $300-310/mt CFR Nhava Sheva. Compared to information published on February 24 by SteelOrbis, these offers moved up $5/mt from $295-305/mt CFR Nhava. Bids were heard predominantly at $290-300/mt CFR Nhava early in the week, but a few buyers began to move bids above $300/mt CFR by the end of the week.
According to sources close to SteelOrbis, deals were concluded by the end of the week in the range of $305-310/mt CFR India and Pakistan. This range translates to approximately $275-280/mt FAS US port.
For the week beginning March 6, containerized shredded scrap offers have widened the top of the range by $5/mt and are presently at $300-315/mt CFR India and Pakistan according to sources.