Imported scrap offers to India remained mostly stable on a weekly basis, while not many major bookings were witnessed yet in the market. Although many steel mills in some regions of the country have started productions to some extent, most of them are at least a couple of weeks away from making fresh bookings for July shipments.
SteelMint’s assessment for Shredded 211 stands at USD 276-280/MT CFR Nhava Sheva, CFR, almost at the same levels as previous week, with marginal downslide. Although inquiries by buyers were witnessed, no major transactions were reported. Bushelling scrap bundles from Australia and the UK were reported at around USD 298-300/MT CFR.
HMS 1 from South Africa were reported at around USD 262-263/MT CFR, while HMS 1&2 (80:20) offers which were witnessed at around USD 255/MT CFR last week. Few trades of small quantities for HMS were concluded 5-6 days ago, however, in recent days, buying activity was silent.
“Steelmakers have either resumed partially or are in process of resuming, depending on region, but lack the cashflow and capital to make major import bookings as yet” remained the general sentiment of most buyers in Western and Southern India
“We will start making our bookings for shredded imports from mid-June, for July shipments and it is very likely that the sudden increase in demand then, will drive the prices up sharply” shared a prominent steelmaker.
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