Inquiries for imported scrap by Indian buyers finally witnessed quite an improvement this week as mills open gradually, after remaining silent for almost 2 months now. Although very few trades were witnessed, with limited global offers in market, on account of upcoming Eid holidays in many importing countries and Memorial Day holiday in USA on Monday.
SteelMint’s assessment for containerized Shredded 211 to India from UK/Europe and North America stands at USD 277/MT CFR Nhava Sheva. Most offers currently stand in the range of USD 275-280/MT CFR, with demand from buyers at around USD 275/MT level.
Many mills in Punjab region too have begun to open up and have been clearing their stock of previous bookings from ports, thus the renewed demand is being witnessed. Also most steelmakers in Goa were reported to have already resumed their production with normal production level, while Maharashtra and Gujarat based mills are still facing difficulties, many of whom are yet to restart.
Few trades for HMS scrap were reported, with HMS 1&2 (90:10) from Australia being sold at USD 250/MT CFR. Offers for Australian origin HMS stand between USD 240-250/MT CFR as per grade and quality. HMS 1&2 (80:20) offers to UK were observed at around USD 245-247/MT CFR on low availability in Europe.
South African origin HMS 1 offers were reported at USD 250/MT CFR Nhava Sheva and USD 256-257/MT CFR Goa. Offers to Ludhiana were also recorded at around USD 250-252/MT CFR. While west African origin HMS 1&2 (80:20) were offered to Goa at USD 235/MT CFR Goa, while buyers in Goa bid at USD 225-228/MT CFR for the same.
Dubai origin HMS offers remained absent on scrap export ban order from UAE.
Trade participants believe that after Eid holidays, from later next week, more offers will be available and bookings should also pick up further, as mills will look to restock again for late June and July shipments now, keeping in the prevailing inventories.
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