Indian imported scrap market observed limited trade activities throughout this week. Buyers have adopted a cautious approach since the prices continued to move up on limited container and scrap availability, SteelMint learned from its trade sources. SteelMint’s assessment for Shredded scrap in containers of UK/EU origin stands at $387/t CFR Nhava Sheva, moving up significantly by $17/t w-o-w.
“Bulk scrap inquiries have been active in Bangladesh than in India, hence suppliers remained active quoting offers in Bangladesh as it would fetch a premium”, shared a scrap supplier with SteelMint.
Current offers in containers-
- UK/Europe origin shredded is being offered at $380-390/t CFR Nhava Sheva level. Limited deals have concluded at reported offers as buyers are cautious at the moment.
- No firm scrap offers were heard from Dubai amid ongoing holidays
- Deals for Brazilian origin HMS 1&2 (80:20) was reported at $371/t CFR Chennai basis.
We have put our imported scrap bookings on hold till next week considering the price rally, cited a prominent steel maker and a regular buyer of imported scrap.
Domestic market overview – Domestic melting scrap prices moved up over INR 2,000/t w-o-w. Rising substitute product (sponge iron) prices and adequate transactions in finished steel have pushed prices higher. SteelMint assessment for HMS in western India stands at INR 27,300/t DAP Jalna and INR 27,000/t DAP Chennai level.
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