As reported on April 21, despite the recent substantial decline in Chinese export prices on billet and the resulting pressure on scrap prices due to market uncertainty, India has continued purchasing US origin scrap.
According to sources close to SteelOrbis, containerized shredded scrap is presently trading at $305/mt CFR India from the US East coast and $295/mt CFR India from the US West coast. These prices translate to approximately $275-280/mt FAS East coast port and $265-270/mt FAS West coast port.
Additionally, containerized shredded scrap is trading at $310/mt CFR Pakistan from the US East coast.
Offers for containerized shredded on the US East coast are currently heard at $310-315/mt CFR India and CFR Pakistan.