On January 22, SteelOrbis reported ex-US shredded scrap in containers on offer to India at $370-375/mt CFR Nhava.
Sources inform SteelOrbis that prices have softened further and are presently at $365-375/mt CFR. The new range represents a price erosion of $5/mt from the bottom of the previous range. A source noted that offers on the top end of the range may remain constant until after the US domestic buy-cycle in February concludes. Many US sellers are reportedly hesitant to reduce offers further on limited winter scrap supply and strong domestic demand that is expected to buoy US domestic shredded prices inland in February.
While a few containerized deals have been reported in the market, no bulk purchases have been reported. A source stated, “Ex-US bulk is hovering at $390-400/mt CFR India which is considered too high now. Within the next two weeks the market direction should hopefully become clearer.”
On January 15, SteelOrbis reported HMS I/II 80:20 scrap offers to India from the Middle East at $345-355/mt CFR India. Sources inform SteeOrbis that prices have slipped $5-15/mt and are now predominantly around $340/mt CFR India.