Shredded Scrap offers from Europe fall to USD 330-335/MT CIF India

Imported Shredded Scrap offers from Europe have fallen by another USD 5/MT this week. Current offers are prevailing at USD 330-335/MT CIF India based on quantity and delivery.

Scrap prices have been declining since May, 2014 after Iron ore prices in the global market has witnessed a sharp correction. Prices have corrected almost by USD 60/MT since May, 2014.

An Indian importer mentioned that he bought Shredded Scrap from Europe at USD 330/MT CIF Pipava and small quantity from West Africa at USD 310-315/MT CIF. He further added HMS 1&2 offers from Middle East are at USD 325-330/MT CIF.

While, a Scrap exporter reported Shredded Scrap was sold at USD 335/MT CIF Nhava Sheva port and highlighted that offers may find support at these levels. Another Scrap exporter stated there is very limited buying from Indian steel mills despite low stock positions.

At the same time, steelmakers quoted subdued demand for finished steel has bounded them to reduce their production but prices have over corrected and may see some stability in coming weeks.

“Billet prices showed some resistance after Steel Minister indicated possible duty on rising import of steel (Rebar) products from China. But, we have to wait till actual demand comes back in the market,” said a steelmaker based in Mumbai.

Pig Iron Prices correct in Kolkata by INR 400-500/MT

Pig iron prices in Kolkata region continues to correct owing to slowdown in demand. Prices have corrected by INR 400-500/MT this week. The material is being offered at INR 21,800-22,000/MT ex-works for Steel grade. Traders believe that prices may fall upto INR 21,500/MT and find support.

*INR/MT
Source: SteelMint Research