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U.S Scrap Export price hiked by 1.08 % in October

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by - 10/11/2012 4968 Views

U.S scrap prices are expected to move further in October amid limited supply combined with rise in iron ore prices, for November deliveries.

Following the mixed trend seen in September with fewer buying interest now it has risen by 1.08 % in the starting of October combined with limited supply and rise in iron ore prices. It is also reported that scrap inflows has slow down a bit in between August and September when compared to the strong inflow in early summer.

However, a few buying activities were found in the middle of August, as most of the transactions were already concluded earlier in the July.

Last month, Turkey’s purchase price was at $365/ton CFR. But now it has climbed by 1.8% to $369/ton for HMS 1&2 and $374/Ton for shredded Scrap.

Meanwhile the export prices of scrap were stable over the past one month. Market players speculated that domestic prices may witness mixed pricing trend depending on the grade and region. However, the current reports show that steel production mills are in need of at least 25% scrap more as big players of the industry have now cut short the supply of scrap that is estimated to be around 20 % less compared to the supply couple of months ago.

According to Market participants, we are sure that many orders are going to take place and imports are certainly going to rise due to winter in the coming month when supply remains tight. Moreover, strengthening of Rupee against Dollar also help buyers to book new orders. Now rupees are hovering at 52.16 against US dollar and expected to touch 50-mark to a dollar in the next four months on the back of strong inflow of foreign currency.

Category : Metal

Tags : Scrap, Scrap Metal Price, US scrap price, Updated


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About Benny Jebaraj

I have been with recycleinme.com for the past four years and enjoy working as the Administrator of the Scrap Prices section.  I am graduated as Master of Business Administration in Human resource management. Why I have chosen this course is because I’m very much fond of Business Administrati .... more info

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