Imported scrap trade prices have already hit more than one year low as these levels were last seen in Oct-Nov’17.
SteelMint learned from market participants that Indian imported scrap market remained silent with no major trades and inquiries observed this week. Most of the supplying yards in US and other global markets have remained closed on seasonal concerns and year-end holiday mood. Domestic scrap was preferred amid very limited offers for imported scrap this week.
SteelMint’s assessment for containerized Shredded from UK and Europe stands in the range USD 325-330/MT, CFR Nhava Sheva. As per SteelMint’s price assessment, imported scrap offers have hit more than a years’ low. As earlier to this, USD 325-330/MT, CFR levels for Shredded scrap was seen in Oct’17.
Dubai origin HMS 1 scrap offers stand in the range USD 318-325/MT, CFR Nhava Sheva. No buying interest is seen from buyers amid anticipation of further correction in global levels on bearish sentiments.
The assessment of West African HMS 1&2 scrap stands at around USD 305/MT, CFR for loading in 20-21 MT containers, however, very limited offers were available in the market as most of the yards are already closed.
The assessment of South African HMS 1&2 stands at around USD 327-330/MT, CFR and that of HMS 1&2 (80:20) from Europe and UK at around USD 320/MT, CFR Nhava Sheva.
INR settles down against USD this week – After appreciating by 3% last week, Indian Rupee has stood almost stable at around 70.1 levels throughout the weeks’ time against USD. This has supported domestic scrap and semi-finish prices this week.
Indian domestic scrap prices move up on W-o-W basis – Local HMS scrap prices in all major regions have been turned marginally up on a weekly basis in India. Price assessment for HMS 1&2 (80:20) stands at INR 25,400-25,600/MT (USD 363-366), ex- Mumbai, up INR 300-500/MT as against last week’s report.
Chennai based local HMS (80:20) prices stand at around INR 24,100/MT, ex- Chennai, up INR 100/MT against last weeks’ report. 18% GST extra. Prices in Northern and Western regions showed upward movement by INR 300-400/MT (USD 4-6) on lesser availability and appreciating INR. However, prices in Central and Eastern regions have shown stability on a weekly comparison.
Ship plate prices stand at around INR 30,600-30,800/MT, ex-Alang levels for 16 mm plate today, up INR 300/MT W-o-W. While ship breaking prices assessed unchanged 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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