Indian imported scrap trades remained quiet throughout this week with limited inquiries from the buyers’ side. SteelMint’s assessment for shredded scrap in containers of UK origin stands at $310/t CFR Nhava Sheva, down by $2/t w-o-w. Prices have declined and are hovering at two-months low, according to data maintained with SteelMint.
Suppliers’ offers stand at around $310-312/t CFR levels. Scrap traders cited no significant deals this week as buyers are expecting further price correction in the near term.
Current offers-
“This week has been quiet for Indian imported scrap market. But buyers are expected to be back in the market next week. However, buyers are expecting offers to correct considering the recent drop in Turkey prices”, shared market participants.
Imported scrap prices in Turkey have dropped in a recent bulk cargo booking made. A West Marmara based steelmaker has booked European origin bulk cargo comprising of HMS(80:20) at $284/t CFR Turkey. Thus on a weekly basis, prices have come down by $5-7/t w-o-w.
Sponge iron consumption has come down in major locations due to curtailed furnaces/hot rolling mills production, resulting in enough availability of sponge iron in the spot market & a significant fall in the price range. According to SteelMint’s price assessment, sponge iron prices have come down by around INR 500-600/t w-o-w.
Domestic melting scrap (HMS 80:20) prices in western India have remained majorly stable on weekly basis and is assessed at INR 23,600/t DAP Jalna. However, in Chennai prices have corrected by INR 400/t w-o-w to INR 22,800/t DAP.
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