While the Turkish steel market was affected by the Israel conflict and a weak domestic market, Indian buyers acted cautiously due to offer gaps and anticipated price decreases.
Demand for imported scrap in India remained at a moderate level throughout the week. Only a few connections were reported due to noticeable price discrepancies between buyers and sellers. Scrap importers are being cautious and expecting further price corrections, partly due to ongoing conflicts in Western Asia. The downward trend in Turkey, a significant scrap importer, is influencing the sentiment in the Indian market.
Chopped scrap offers from Europe increased by a slight $2 per ton on a weekly basis to $414 per ton CFR Nhava Sheva. However, buyers were offering in the range of $405-410 per ton CFR. On the other hand, HMS (80:20) scrap from Europe closed at $395 per ton CFR on October 13. These figures indicated a $3 per ton decrease in western and southern India due to a weak buying sentiment.
Comments
No comment yet.