European shredded scrap supply in India remained stable last week at $425-430/t compared to the previous week. The latest deals on CFR Nava Sheva were in the range of $425-430/t. Despite minor fluctuations during the week, the Indian market maintains a positive view on the current price dynamics, and transactions continue without interruption. Prices are forecast to reach $440/t in the next couple of weeks, driven by an expected increase in inquiries, contributing to optimism.
Offers for HMS of European origin (80:20) at CFR Nava Sheva were in the range of $408-410/t, while bids ranged from $398-400/t. Prices for West African HMS scrap (80:20) were $402-404/t for the west coast and $408/t for the south coast of India.
The market for imported scrap in Bangladesh remains subdued. Offers have stabilized after a slight increase at the beginning of the week and currently stand at $438-440/t, down $4-6/t w-o-w.
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