Imported scrap offers to India witnessed slight uptick on strong global market. However, most buyers especially in western and north western regions were bidding at considerably lower levels, hence less deals getting concluded.
SteelMint’s assessment for Shredded scrap to India from Europe/North American origins stands at $290/t CFR Nhava Sheva, slightly up against last week, with most offers for Shredded now around the $290/t CFR level, while suppliers offered $286-287/t CFR levels to Mundra region. Buyers bids were reported below $275/t CFR, with prevailing Shredded offers, supported by strong buying in Turkey and low global availability, not appearing viable for Indian buyers for the time being.
HMS offers showed relative stability W-o-W, with HMS 1&2 (80:20) still being offered at around $263-265/t CFR from the UK and $265-267/t CFR from Brazil. Brazil origin HMS, which witnessed good trades to the South Indian region last month at around $250/t levels, when Tamil Nadu mills booked actively on less local scrap availability, has now seen a sharp uptrend in offers over the last 3 weeks, thus witnessing lesser buyer interest now.
HMS 1&2 (80:20) from West African origin witnessed good trades to Goa mills at around $245/t earlier in the week, with 12-1500 t being sold, while fresh offers now stand at $250/t CFR. Active trades for Cast Iron scrap at $265/t CFR Goa was also reported, with offers now touching $270/t CFR Some offers for P&S were reported at $296-300/t amid limited interest.
Very few South African HMS 1 offers were reported in the market due to permit related issues, with levels stable at $275/t CFR and above, supported by tight supply.
Market participants shared global scrap prices have remained on the higher side this week, however secondary steel market in India has seen a decline in prices this week, which may be a concern for buyers for fresh scrap purchases.
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