On September 1, SteelOrbis reported ex-US containerized shredded scrap trading at $337/mt CFR Nhava with offers at $340-350/mt CFR Nhava. At approximately the same time, containerized imports of HMS I/II 80:20 scrap were imported at $305-315/mt CFR Nhava from various destinations.
According to sources, ex-US scrap offers continued stable through the month despite limited buying interest by Indian buyers. Small cargoes of containerized shredded were heard trading at $330-335/mt CFR Nhava from the UK and $340/mt CFR Nhava from the US in mid-month. Last week, while bids mostly converged to approximately $310/mt CFR Nhava (although that bid level was also heard in mid-month by a few buyers), offers continued at $340-350/mt CFR Nhava until ex-Canada deals with Turkish mills for import scrap solidified the downtrend.
As of late September, ex-US shredded containerized scrap offers were recently reported at $330/mt CFR Nhava. The recent offer level declined $10-20/mt from the predominant offer range in mid-September.
According to an East coast scrap exporter, Indian buyers have reportedly purchased HMS I/II 80:20 scrap at $295/mt CFR from Middle East sources recently, reflecting a decline of $10-20/mt from early September deals. Given the latest downtrend, a source noted that import prices on upcoming trades in early October could erode further by $5-10/mt. Due to the Gandi Jayanti National Holiday this weekend and upcoming US domestic scrap buy-cycle, US sources are reportedly waiting to update offers to India.