Ferrous scrap exports to India stall

Feb 28, 2013 | 05:02 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, containerized scrap, scrap prices, shredded scrap, Nhava Sheva, India, Sean Davidson

NEW YORK — East Coast containerized ferrous scrap exports to India have hit a wall as U.S. suppliers push for higher prices and buyers—citing a strong dollar—hope for some reprieve.

Market participants in the United States, the United Kingdom and India pegged the current price level for containerized shredded scrap at somewhere between $420 and $425 per tonne c.f.r. Nhava Sheva, based on bids from the few buyers in the market. However, actual deals from the East Coast have been few and far between as market players find themselves unable to agree on a price.

"The real market is at around $425 per tonne, delivered Nhava Sheva. Buyer offers are at that level, but we have not made any sales because U.S. suppliers are asking for $385 per tonne f.a.s. East Coast. If you catch freight at $40, that puts the net cost at $425, so something has to give," one U.S. exporter said.....

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