On April 6, SteelOrbis reported ex-UK shredded containerized material purchased at $384-395/mt CFR West coast India.
Ex-US shredded containerized offers to India for late April and May shipment were reportedly at $365-370/mt CFR. A source noted a premium on ex-UK shredded scrap on “improved logistics and lower in-transit times.” Sources report that due to global scrap market uncertainty, import shredded scrap deals early this week were transacted in the $370-378/mt CFR level while prices improved at the end of the week to $378-385/mt CFR.
The improved pricing swing was attributed to “still robust Turkish import prices” and positive signals in the Indian domestic market that is “experiencing stable or upward price movements in the steel industry on improved buying.” A source noted, “Attractive ex-US containerized shredded offers at $360-370/mt CFR India, which they need to export to balance available domestic volumes for May negotiations, may sway Indian buyers to buy more from the US verus paying ex-UK premiums as they plan May and June buys.”