India's imported scrap market weak on bid-offer disparities
Nov 23, 2021 10:00
Indian imported scrap market observed limited trade this week. Indian buyers opted to wait and watch market behaviours. The global price downtrend slowed down market activities, making market participants hope for a further price correction. However, a few deals were heard to have been concluded.
Around 1,000 t of US-origin shredded scrap in containers have been booked at $545/t CFR NHSV basis.
Few deals for West Africa HMS (80:20) were heard at $460/t CFR NHSV.
UK-origin shredded offers are being quoted at around $555-560/t CFR levels, down by $5-10/t levels w-o-w.
Why have market sentiments remained bearish?