According to sources close to SteelOrbis, containerized shredded scrap prices from the US East coast to India and Pakistan are presently in the range of $300-305/mt CFR. This price reflects a downward movement of $10-15/mt from approximately $315/mt CFR India and Pakistan the week ended March 17. On March 10, SteelOrbis reported US origin shredded scrap deals at $310/mt CFR Nhava with offers to India at $315-325/mt CFR Nhava against offers from other origins at $310-320/mt CFR Nhava.
India was heard purchasing a bulk shipment of shredded from a US West coast supplier at $304/mt CFR Nhava in the week ended March 17. Presently, US West coast bulk offers of shredded are at $295/mt CFR Nhava, but buyers are reportedly bidding closer to $280/mt CFR Nhava.