On June 19, SteelOrbis reported ex-US offers for shredded scrap containers from the East coast at $290-300/mt CFR Nhava Sheva and HMS I/II 80:20 scrap at $270-275/mt CFR Nhava Sheva.
Since then, several additional scrap cargos have been booked by Bangladesh and India on the US West coast. India is expected to increase its scrap imports as mills plan beyond the monsoon season and consider the effects of new tax regulations that come into effect July 1.
Ex-US East coast scrap offers have moved up $5/mt in the last week and are being heard at $295-305/mt CFR Nhava Sheva for containerized shredded scrap and $275-280/mt CFR Nhava Sheva for containerized HMS I/II 80:20 scrap.
Additionally, inventory scrap levels are reportedly low. Sources tell SteelOrbis that Indian buyers have purchased low volumes of scrap from various unknown origins at the lower end of the ranges above through the past week, therefore US export traders hope for more scrap activity within the price ranges above after July 1.