Imported Scrap offers to India fall further by USD 5-10/MT

Imported Scrap offers in India correct further owing to continuous falling prices in Turkey.

Talking to importers in Mumbai & Chennai, SteelMint learned that the imported offers have corrected by USD 5-10/MT as compared to previous week.

An importer based in Chennai has confirmed the offers and stated,

“Currently, we are receiving offers for HMS 1&2 from Europe at USD 345-350/MT. Whereas, from South Africa, it is at USD 330/MT. HMS-1 from Brazil is at USD 350/MT. We have recently booked a consignment of 1,000 MT for HMS-1 at USD 350/MT.”

Similarly, imported Scrap offers in Mumbai have also corrected marginally. HMS 1&2 from Europe is offered at USD 340-345/MT CFR Nhava Sheva.

Offers in India have fallen by USD 12-15/MT in past two weeks. An official of a rolling mill based in Mumbai said,

“We are not booking any bulk orders even at these prices. Currently, we are following a wait & watch strategy, as we are anticipating further fall of USD 10-12/MT in Scrap offers.”

Industry veterans are expecting market to resume in the month of November. Some of the re-rolling mill owners are expecting that Sponge prices will remain firm for next few days. However, minor correction may be seen in upcoming weeks amid falling Scrap prices.

Scrap offers have already touched USD 300/MT CFR in South East Asian countries like Taiwan and Korea. Whereas, in Turkey, it is trading at USD 330/MT CFR Iskenderun.