On August 10, SteelOrbis reported that containerized shredded scrap purchases in India remained limited and import offers were at $350-365/mt CFR from various source countries. Containerized HMS I/II 80:20 from the UK and EU regions was reportedly on offer at $330-335/mt CFR Nhava.
Sources report that prices have declined as limited deals trended to lower prices. Offers are now reportedly lingering at $345-355/mt CFR from the US and UK through the past several days, but “could see further correction in early offers next week after the updated Turkey scrap import prices get filtered into the global market.” Prices declined $5/mt from the bottom of the previous range and $10/mt from the top of the same range.
Containerized HMS I/II 80:20 from the UK and EU regions was reportedly on offer at $325-335/mt CFR Nhava, down $5/mt from the bottom of the previous range.
According to a US East coast source close to SteelOrbis, the latest ex-UK $280/mt CFR purchase of HMS I/II 80:20 by a Turkish mill was “probably an anomaly” given the fact that the other buys by Turkish mills on ex-US to ex-Baltic HMS I/II 80:20 scrap trended in the range of $300 to $317/mt CFR. Therefore, he noted the effect, if any, of the Turkish price movement to offers to destinations such as South Korea and India from the US will likely take some time to become synthesized. Additionally, SteelOrbis was informed that scrap exporters in the US East Coast have been placing offers in countries such as Vietnam and Malaysia this week in an effort to place material prior to the US September domestic buy-cycle.