Imported scrap offers to India moved up further by USD 5-10/MT on W-o-W basis, Limited offers heard this week as most of the suppliers are almost sold out already. Buying interest remained still at quite lower levels than global price levels.
Following increasing price trend in global imported scrap market, Indian imported scrap offers have further gone up. As per recent conversations with market participants SteelMint learned that, this week fewer offers are heard for imported scrap as unavailability of scrap from suppliers end still continues. Right now most of the exporters are almost sold out already.
Offers for Shredded scrap in containers assessed at USD 355/MT, CFR Nhava Sheva for UK origin. These offers increased by USD 10/MT on W-o-W basis as offers for Shredded were at USD 345/MT, CFR Nhava Sheva for UK origin scrap last week.
Price assessment for HMS 1 in containers for Dubai origin is now at the levels above USD 320/MT, CFR Nhava Sheva. South African HMS 1 offers stood at USD 335/MT, CFR Nhava Sheva while depending upon loading volumes, offers from West Africa were hovering around USD 305-315/MT, CFR Nhava Sheva which were competitive than other markets as buyers were not much interested in buying at high prices.
Offers for UK origin HMS 1&2 (80:20) assessed at USD 325/MT, CFR Nhava Sheva this week thus HMS offers are also up by USD 5-10/MT from last week’s assessment.
“Though scrap inventories are very less, Indian buying idea is much lower than the global prices. India is out of the market at the moment. Bangladesh and Pakistan have also slowed down a bit due to high prices. But Turkey is strong and scrap prices may not fall at least till Jan’18” – shared a Source with SteelMint.
Domestic scrap prices remain hovering this week amid rising shortage and tightened supply. Currently, HMS (80:20) in Mumbai is assessed at INR 22,100/MT and that in Chennai is around INR 21,900/MT (Basic prices, GST @ 18% extra)
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