Indian Imported Scrap Market Remains Quiet Amid Less Trades

SteelMint learned from industry participants that imported containerized scrap trades to India remained quite limited this week as most buyers stayed away from buying activity. With Turkey prices witnessing a rebound, the industry is anticipating an upsurge in prices in the coming days.

In terms of prices, sentiments turned positive as offers inched up through the week, following the recovery at global levels, however few trades were reported. SteelMint’s assessment for containerized Shredded from UK, stands at USD 315-318/MT, CFR Nhava Sheva, up USD 5/MT against last week, while few offers at the lower price were observed in the beginning of the week. Offers from few prominent suppliers were reported at a premium of 2-3/MT

Few offers for South African HMS 1&2 at USD 315-320/MT were reported, however, buyers are targeting lower price. Dubai HMS 1&2 was assessed at around USD 310/MT, dropping further amid low demand while buying interest West African containerized HMS 1&2 remained quite low, not matching sellers exceptions.

Global scrap prices are turning up again with the sharp rise of USD 8-10/MT in Turkey import prices reported earlier today, as CFR Turkey bulk HMS 1&2 (80:20) offers are reported at USD 290-293/MT range, while the uptrend is likely to also impact the South Asian market soon. Imported scrap offers to Pakistan had also witnessed an uptrend on a weekly basis, however, local currency’s deprecation has kept the market very volatile. Assessment for Shredded scrap from US & UK stands at USD 315-317/MT, CFR Qasim.

Indian domestic scrap prices continue downtrend – Domestic scrap prices have been in freefall since the last couple of weeks as overall weak domestic sentiments persist, with the current assessment of local HMS 1&2 (80:20) stands at INR 22,300-22,600/MT (USD 330-335), CFR Mumbai, down INR 800-1000/MT against last week while falling by INR 2000/MT against 2 weeks ago. Indian currency marginally appreciated this week against USD as the USD/INR exchange rate this week stood at 69.5 levels, against 69.8 levels last week.