On October 26, SteelOrbis reported that ex-UK and ex-EU containerized shredded scrap import offer prices to India were trending at $355-365/mt CFR with some “slightly sub-$350/mt CFR” deals as buyers proceeded with caution.
Sources inform SteelOrbis that for the week ended November 16, containerized shredded offers were trending at $355-365/mt CFR but that no significant deals were heard in the market as global import scrap prices softened. A source noted that while Indian domestic scrap prices have softened compared to September, domestic scrap prices are on average stable from October to mid-November and likely to remain supported. Although due to the global scrap price trend along with some softness in domestic finished steel demand, buyers are expected to continue placing pressure on the import offer price range for late December and January deliveries.