SteelMint learned from market participants that Indian imported scrap market turns silent with no major deal concluded in the market this week. Volatility in domestic semi-finish and scrap prices, on the other hand, kept sentiments bearish.
SteelMint’s assessment for containerized Shredded from UK and Europe stands in the range USD 325-330/MT, CFR Nhava Sheva. Very limited offers from US suppliers heard as many yards have been closed down. Suppliers effort to keep prices holding high while buyers bidding remains USD 5-10/MT below than prevailing offers.
Dubai origin HMS 1 scrap offers stand at around USD 320-325/MT, CFR Nhava Sheva which have corrected USD 5-10/MT as against the last weeks’ assessment at around USD 328-330/MT, CFR.
There were some inquiries for bulk scrap cargoes from few Indian buyers. Offers for Bulk cargo comprising mix 30,000 MT scrap stand in the range USD 330-335/MT, CFR Kandla and buyers are interested at USD 325-330/MT for shipload tonnages but no news was received of deals getting finalized.
The assessment of West African HMS 1&2 scrap stands in the range USD 305-310/MT, CFR for loading in 20-21 MT containers, however, no buying interest is seen from buyers as they are eyeing for a further decline in prices.
South African HMS 1&2 assessment stands at around USD 330/MT, CFR and assessment of HMS 1&2 (80:20) from Europe and UK at around USD 320/MT, CFR Nhava Sheva.
INR appreciates 3% in a weeks’ time against USD – Indian Rupee has appreciated back to 70.1 levels today in the last couple of days from the levels as high as 72 against USD in the opening of the week.
Indian domestic scrap prices keep hovering this week – Local HMS scrap prices showed overall downward correction on a weekly basis in all major regions in India. Price assessment for HMS 1&2 (80:20) stands at INR 25,100-25,300/MT (USD 358-361), ex- Mumbai, down INR 700-800/MT as against last week’s report.
While prices in Northern, Central and Eastern regions have corrected in last two days again after witnessing a slight upturn in the mid of the week. Chennai based local HMS (80:20) prices stand at around INR 24,000/MT, ex- Chennai, down INR 400/MT against last week, 18% GST extra.
Ship breaking market continues to remain volatile – Local steel prices in India continue to display volatility and kept hovering by the range of USD 10/MT. Instability of INR against USD and emergent L/C difficulties with major cash buyers kept Indian recyclers less competing on higher priced tonnage being offered in the market.
Ship plate prices remained range bound over the week and stand at INR 30,400-30,500/MT, ex-Alang levels for 16 mm plate today. Ship breaking prices stood unchanged with no new sale reported at USD 415/LDT for general dry bulk cargo; at USD 430/LDT for containers and at USD 420/LDT for the tanker on CNF India basis respectively.
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