Imported scrap offers to India mostly stable this week with very few deals getting concluded. Dull finished steel demand were further impacted with monsoon slowdown affecting the demand.
SteelMint’s assessment for shredded scrap from UK/Europe stands range-bound, in a wide range of $ 275-284/t CFR Nhava Sheva, widening the range, but remaining mostly firm in comparison to the last week. However, by the end of this week, most offers have now moved towards $280/t CFR and above. While few buyers expect at a lower level for the same grade of scrap as compared to offers, with most buyers showing less interest in Shredded currently.
A major steelmaker has booked a 3500 t of busheling bundles earlier this week at $302/t CFR Nhava Sheva basis. Currently, the company bidding for 6000-7000 t of shredded scrap at $ 277-278/t CFR basis.
HMS offers have also witnessed a movement this week, while very few offers were reported. UK origin HMS 1&2 (80:20) offers stood around $255-260/t CFR, with buyers’ price idea at least $10/t or even lower. West African HMS 1&2 (80:20) being offered around $240-243 CFR Nhava Sheva. Few offers for cast iron scrap were reported at $265/t CFR Chennai.
Pakistan witnessing a rise in offers from today – Pakistan based steel mills and traders confided that while earlier this week, Shredded 211 was offered between $275-280/t CFR, from today onwards, almost all Shredded offers have climbed up above $280/t mark, and UK suppliers are offering at $281-283/t CFR Qasim levels, indicating an upward movement in the market.
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