On November 10, SteelOrbis reported ex-US scrap offers of containerized shredded scrap to India at $335-345/mt CFR Nhava. Import deals from various other countries for containerized shredded scrap to India were heard at $330/mt CFR Nhava.
Sources inform SteelOrbis that deals on imported containerized shredded scrap to India continued at $325-330/mt CFR Nhava through the week ended November 17.
Increased purchases are expected by the end of the year as some Indian steel mills are rumored as having low scrap inventory levels that will require replenishment at a time of strong global scrap prices. A source noted that offer prices “may become more robust to India this week as the US East coast is facing strong export demand and tight supply.”