Indian scrap market gains momentum

With the increasing demand for raw materials to be used in electric arc furnaces, manufacturers have also increased their offers between $7-10/t.

In the two-week period, scrap prices have exceeded $10/t and container shipments at Indian ports have increased to $415-420/t CIF. Shipments of HMS 1&2 from the EU were announced by the suppliers at the level of $385-390/t CIF. However, counter-demands for September were 10-12 $/t lower, at $375-380/t CIF levels.

Purchasing activities, which were expected to be low at the end of the summer, gained speed unlike the expectations, caused an increase in scrap prices. However, experts believe this uptrend won't last until September.