Indian imported scrap trades improved this week with buyers remaining active for booking both in western and southern India. Imported scrap offers remained largely firm on a weekly basis. SteelMint’s assessment for Shredded scrap in containers of UK origin stands at $309/t CFR Nhava Sheva, mostly stable w-o-w.
The demand for scrap has improved on a weekly basis as a decent number of deals in containers were reported throughout this week.
Confirmed trades-
- Towards the beginning of the week, Chennai-based steelmakers have booked Brazilian-Turning at $272/t CFR, while Europe origin HMS 1&2 (80:20) at $285/t CFR level.
- 2,000 t of UAE origin HMS 1&2 (80:20) has been booked in containers at $290-295/t CFR Nhava Sheva, earlier this week.
- Around 2,500 t of UAE HMS 1&2 (90:10) has been booked in containers at $297/t CFR early this week.
- 1,000 t of South African origin HMS 1&2 (80:20) in containers was sold at $300/t CFR Chennai.
Current offers-
Despite UAE’s extend scrap export ban, Indian buyers have actively booked HMS 1&2 (80:20) scrap from UAE at a favorable price level, SteelMint leant. “International bulk market is soft, but there is a shortage of containerised scrap in India due to which prices have remained supported this week”, highlighted a market participant.
Domestic market overview – SteelMint domestic melting scrap HMS (80:20) prices stood at INR 23,800/t in Jalna(up by INR 200 w-o-w) and INR 22,700/t in Chennai (DAP) (down by INR 100 w-o-w).
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