Mixed sentiments hit container export market

Aug 24, 2012 | 04:09 PM | Sean Davidson

Tags  ferrous scrap exports, India, Taiwan, China, South Korea, scrap, ferrous scrap, exports Sean Davidson

NEW YORK — Mixed sentiments have crept into the ferrous scrap export market as East Coast shippers of containerized scrap to India wrestle to make sense of contrasting reports.

A number of market participants in the United States, Europe and India reported sales of containerized shredded scrap this past week at prices anywhere between $430 and $443 per tonne c.f.r. Nhava Sheva. For most, these prices were unchanged from the previous week’s levels.

However, some exporters denied reports of sales on the higher end of that range, insisting that no sales were completed above $435 per tonne.

"Sentiment has soured in India, as expected. It is a buyer’s market now," said one source, claiming that sales of container shred to India were between $430 and $435 per tonne c.f.r. Nhava Sheva this past week.

"Market sentiment for September is weak," agreed Mumbai source. "Prices will likely correct, and I don’t think U.S. prices will hold. I think a drop-off around $10 to $20 per tonne is likely." ....