Imported Scrap offers to Indian market have gone up by almost USD 5-10/MT. Offers are up due to rise in domestic steel prices in Indian market. American and European markets remain closed amid holidays.

Indian Steel makers and importers, who had restricted their purchases of imported Scrap owing to high prices, seem to be showing interest on two major factors. One, that domestic Steel and Sponge iron prices have gone up by almost 2-4% and secondly US and European sellers are away due to Christmas festival.

According to an Indian importer, current offers from Middle East have gone up by USD 5-10 in last few trading sessions. Prices are hovering in the range of USD 370-372/MT CFR Nav Sheva for HMS 1&2.

Another scrap importer based in Mumbai mentioned that shredded offers from US and Europe are in the range of USD 400-405/MT CFR Nav Sheva, whereas HMS 1&2 offers are in the range of USD 375-390/MT CFR Nav Sheva.

Trade participants mention that with high offers from US and Europe, not many Steel mills are keen to place their orders. Overall imports of Scrap to India are under pressure.

Another major reason sought for rise in imports of Scrap is rising Sponge iron prices in Southern region of India, where Iron ore prices have shot up unreasonably.