Imported scrap offers to Indian market has been stable since last few days, although trade activities have been limited on weak Rupee and slow demand from steel mills. Current offers for HMS (80:20) from Europe and Middle East stands at around $370/t CFR Mumbai in Containers and shredded scrap from Europe and US were heard concluded at around $383-385/t CFR Mumbai.
“We have offers from Dubai at around $370/t CFR for HMS-1&2, although we are more keen to buy scrap from domestic market or buying sponge iron, which cost us less than imported scrap at the moment. Current offers for HMS scrap in domestic market are in the range of Rs 21400-21500/t (basic price).” said a steel miller based in Wada, Mumbai.
Another scrap user based in Northern part of India also mentioned that offers are more or less stable to what it was in starting of the week. Not much of buying interest is seen in the market.
In global market scrap prices heard to have softened by $5-10/t, bulk offers from US , HMS 80:20 to south East Asia are in the range of $360-370/t which was at around $375/t CFR few weeks back.
Leave a Reply