On May 1, SteelOrbis reported ex-US East coast scrap offer prices for HMS I/II 80:20 at $280-285/mt CFR Nhava Sheva and for containerized shredded at $300-310/mt CFR Nhava Sheva.
According to sources, an ex-US deal for containerized shredded was concluded from the US East coast for $305/mt CFR Nhava Sheva toward the end of the week ended May 5, and offers for the scrap grade continue to be stable at $300-310/mt CFR Nhava Sheva.
Containerized HMS I/II 80:20 export offers, though, have widened the bottom of the range by $5/mt and are presently at $275-285/mt CFR Nhava Sheva.
While the Indian domestic market has weakened over the past week, sources note that rising freight costs, relative positive developments in the Indian steel market, and a sideways trending US East coast domestic market on heavy melts and shredded are limiting the price sellers are presently willing to accept.