On January 31, SteelOrbis reported containerized HMS I/II 80:20 offers from the Middle East to India stable at around $340/mt CFR India with ex-US shredded scrap offers at around $365/mt CFR India.
According to sources, offers for both grades have rebounded and are reportedly up $5-10/mt at $345-350/mt CFR for HMS I/II 80:20, depending on the origin. Higher offers are estimated from Europe while the lower end of the range represents offers from the Middle East.
Meanwhile, shredded scrap offers to India have rebounded up $5-10/mt and are now $370-375/mt CFR from both the US and Europe.
Sources report that Indian buyers are actively pursuing scrap, and several scrap deals of bulk cargo have been reportedly booked, although details are presently not available.