On March 29, SteelOrbis reported that Indian import shredded scrap offers declined to $385-400/mt CFR from various destinations due to low buying interest. HMS I/II 80:20 import offers to India from various countries were also reportedly down at $340-360/mt CFR Indian port.
This week, a source noted several ex-UK low volume deals of shredded material at $384-395/mt CFR to port on the West coast of India, a decline of $5/mt from the top of the previous range.
A US East coast source noted that ex-US bids for next week are looking closer to $365-370/mt CFR for shredded containers and that some export dealers may move offers down to $360/mt CFR “if they feel a slight scrap surplus position.” A separate export source confirmed several ex-US scrap deals closing on the East coast with Indian buyers along with active inquiries for scrap buys in April.