Imported Scrap Offers to India Fall by USD 5-10/MT W-o-W

Imported scrap offers CFR India, shows correction. The offers of containerized scrap in India which were USD 300-305/MT, CFR India Shredded are now assessed at USD 295/MT, CFR India. No deals have been concluded so far at quoted offers.

Global Scrap Market Trade Updates:

• Turkey, has been active in bulk scrap booking. With the country booking another couple of cargo it seems that booking of bulk scrap cargo to be a measure of restocking ahead Ramadan festive holidays
  
  

• Pakistan scrap market remains quiet after 3-4 cargoes booked last week. The market in Pakistan suggest a rate of USD 295/MT levels for Shredded & USD 285/MT for HMS.
  
  

• Bangladesh, not much of the offers and trade news is heard from the country as the buyers are not be actively participating.
  
  

According to the Market participants globally, "correction in scrap prices in near term is anticipated."