Indian ferrous scrap offers maintained an uptrend on strong global cues. Although domestic rebar and ferrous scrap prices rose sharply during the weekend, buyers shied away from high-priced imported scrap. A few states in the country are dealing with renewed COVID-19 restrictions which added to uncertainty in the market along with high freight rates. Shipping lines tried to secure empty containers from the US to Asia route and rejected some deliveries due to container shortage and vessel delays.
In Turkey, the Davis Index for US-origin HMS 1&2 (80:20) rose to $352.66/mt cfr Turkey, rising $2.71/mt from last week. Most suppliers focused on catering to the Turkish bulk market and diverted supplies from Asian markets to Turkey amid short supply.
The Davis Index for containerized shredded on Monday settled at $371.07/mt cfr Nhava Sheva, up by $3.93/mt from Friday. There are ‘little to no’ offers in the market amid tight supply. While a few suppliers indicated fresh offers to be above $375/mt cfr Nhava Sheva.
The Davis Index for UAE-origin HMS 1&2 (80:20) settled at $355/mt cfr Nhava Sheva, up by $3/mt from Friday. Trades continued to materialise every other day at higher prices on sustained demand. Offers for containerized #1 HMS without the cast and galvanized iron from Dubai heard at $360/mt cfr Nhava Sheva on Friday, with a few deals reported at $355/mt cfr Nhava Sheva.
The Davis Index for US-origin HMS 1&2 (80:20) settled at $355/mt cfr Nhava Sheva on Monday, up by $1.67/mt from the prior Friday. Offers for the grade in containers heard at $350-355/mt cfr Nhava Sheva, depending on quality. Offers from the US suppliers were limited as they are yet to return from the Thanksgiving break. HMS suppliers from South Africa and West Africa were away on permit issues and restricted inflows.
The Davis Index for containerized shredded, Monday, settled at $371.24/mt cfr India subcontinent, up by $3.87/mt from Friday. The Davis Index for containerized US-origin HMS 1&2 (80:20) was at $355.01/mt cfr India subcontinent, up by $2.65/mt from Friday.