SteelMint learned from market participants that imported scrap offers to India have inched this week. Offers for UK origin Shredded scrap in containers is around USD 365/MT, CFR Nhava Sheva this week. However deals have remained on lower side amid buyers keeping away from bookings over currency depreciation.
According to sources, offers from Dubai based suppliers 355/MT for HMS 1 and South Africa offers remained at around USD 350/MT, CFR. Offers for HMS 1&2 (80:20) heard at USD 345-350/MT from UAE, UK and other origins.
Offers for West African HMS(1&2) in containers is learned around USD 340/MT, CFR Nhava Sheva.
Compared to other Asian markets like Pakistan and Bangladesh, imported scrap trades reported in India were learned to be on higher side amid Muharram holidays prevailing in Pakistan and Bangladesh which has slowed down trade activities.
Indian domestic scrap prices shows mixed trends – Indian local HMS scrap prices have shown mixed trends in major markets. Currently, HMS 1&2 (80:20) basic prices assessed at INR 27,800-28,000/MT (USD 385-388) up INR 500/MT W-o-W, ex- Mumbai. Local HMS (80:20) prices assessed at INR 27,000-27,300/MT, up INR 1,300/MT W-o-W, ex- Chennai.
However in other regions, like Kandla, Ahmedabad prices have weakened on weekly premises.
Ship breaking market sentiments turn positive – Ship cutting prices edge moved up on W-o-W basis by USD 10 and few trades were also noticed. Current assessment is around at USD 425/LDT for general dry bulk cargo; at USD 445/LDT for containers and at USD 435/LDT for tankers on CNF India basis respectively.
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