Indian imported scrap market has observed very limited trades this week amid cautious approach being followed by buyers and weakened local semi-finish prices in India. Few steel mills hold considerable availability of stocks in hand while those with limited inventories may return back into the market in the near future. Upcoming elections is also stated as a reason for slowdown in buying interest by a few trade sources.
SteelMint’s assessment for containerized Shredded from Europe, UK and US stand in the range USD 330-335/MT, CFR Nhava Sheva. Buying interest mostly stands in the range of USD 325-330/MT, CFR. Offers from suppliers are being quoted in the range USD 335-340/MT, CFR for fresh bookings amid positive outlook. No major deal reported for Shredded scrap but minor trades heard at USD 333-335/MT, CFR this week.
Price assessment of HMS 1 from Dubai stands at around USD 325/MT, CFR Nhava Sheva. South African HMS 1&2 offers are being quoted at around USD 330/MT, CFR.
West African HMS 1&2 assessed in 20-21 MT containers at around USD 305-310/MT, CFR Mundra and around USD 315/MT, CFR Chennai.
HMS 1&2 is assessed at around USD 320/MT, CFR from UAE origin and at around USD 315-320/MT from Europe and UK origin. Sheared HMS from Europe stands in the range USD 307-310/MT, CFR Nhava Sheva, Mundra.
A trade source shared that P&S scrap is being quoted around USD 335-340/MT and Blue steel scrap at USD 345-350/MT, CFR.
Indian Rupee appreciates further by 1.5% against USD – Strengthening of Rupee (INR) against USD has continued since the past couple of weeks. USD/INR exchange rate stands at 69.1 today against 70.1 levels a week ago, appreciating by 1.5% on weekly premises.
Local HMS scrap prices in Northern, Central and Eastern regions weakened further by INR 500-600/MT (USD 7-9) on W-o-W basis following demand concerns in a semi-finish market amid sponge iron prices dipping sharply low levels.
Domestic scrap prices exhibit marginal softening in Western and Southern regions – Price assessment of local HMS 1&2 (80:20) scrap stands at INR 24,900-25,100/MT (USD 360-363), ex- Mumbai, down by INR 200/MT against the last week. Chennai based HMS (80:20) was being reported at around INR 24,700-24,900/MT, delivered- Chennai, down INR 100-200/MT on a W-o-W basis, 18% GST extra.
Ship plate prices exhibited slow upward movement over this week and are being reported for 16 mm plate at around INR 32,500-32,700/MT, ex-Alang, up INR 400-500/MT on W-o-W. India observed steady sentiments in ship breaking import market. SteelMint’s price assessment stands at USD 445-450/LT LDT for containers and USD 435-440/LT LDT for Tankers.
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