On March 23, SteelOrbis reported that ex-Europe containerized shredded scrap prices declined to $390/mt CFR India on limited interest. US offers remained high hovering just above $400/mt CFR on tight supply.
Sources inform SteelOrbis that Indian import shredded scrap offers have declined $5/mt over the past week and are now in the range of $385-400/mt CFR from various destinations due to low buying interest. A source noted that US West coast scrap prices “may soften sooner than East coast export prices due to pressure from Asian markets.”
HMS I/II 80:20 import offers to India from various countries are reportedly now at $340-360/mt CFR Indian port. A source noted that prices on HMS I/II 80:20 eroded $5-10/mt week-on-week.