Indian import scrap buyers shun increased offer prices

Offer prices for ferrous scrap arriving in India in containers gained ground this week amid strength in the Turkish markets, but buyers snubbed sellers’ valuations, sources said on Friday July 28.

Prices for bulk shipments of ferrous scrap to Turkey have surged by almost $20 per tonne this week amid high demand and low collection rates in Europe, with Metal Bulletin’s index for the material hitting a 14-month high on Wednesday.
After the mid-week rise in Turkey, sellers based in the EU, the UK and the USA boosted their offer prices to India but were unable to conclude business at the higher price levels.
“Container business is not keeping up with bulk pricing,” one US seller said.
“The markets are really not reactive and are quite dull – I don’t think people are ready to pay very high prices,” one buyer said.
Indian import scrap markets continued to be blighted by poor finished steel demand this week, sources said.
“There are a lot of [scrap] shipments coming into India, but nobody is able to sell,” one trader said.

“In the...

Published

Lee Allen

July 28, 2017

17:12 GMT

London