Despite limited loading from Europe, US and South Africa, Scrap demand doesn’t seem to rise in India.
Imported Scrap offers in India continue to remain at the same level of around USD 310-320/MT CFR India this week. Buying is reportedly noticed poor in all parts of the country.
Offers from Dubai are coming out to be at USD 315/MT CFR Nhava Sheva, Mumbai, with few deals settled at these levels. Scrap exporters based in Middle East mentioned that Scrap prices in the domestic market have moved up and exports cost them around USD 317-318/MT CIF India.
On the other hand, hardly few offers from South Africa were heard in the market as the nation is now busy with Christmas preparation; their offers are floating in the range of around USD 315-320/MT CFR India.
Similarly, in Chennai, buying for imported Scrap continues to be bearish as domestic Scrap looks more viable to mills, shared a participant. Buying interest is seen at around INR 20,000/MT CIF.
Meanwhile, exporters of US & Europe are enjoying price rigidity on their offers by understanding the importance of limited supply. They are offering Shredded Scrap at around USD 335/MT and HMS 1&2 at USD 310-315/MT CFR Nhava Sheva, for January loading.
“Shredded Scrap offers from US/Europe are around USD 335-340/MT CIF Nhava Sheva and around USD 325/MT CIF Taiwan. There may be handful of deals concluded at prices lower than this, but that cannot be considered as a benchmark”, said a Scrap exporter based in Europe.
However, offers from Brazil for Turning & Boring Scrap were heard at USD 280/MT & USD 285/MT CFR Nhava Sheva & Chennai respectively, which mills find quite workable.
| Particulars | Grades, Delivery | Offers |
| India Import | HMS 1&2, CFR India | USD 310-320/MT |
| India Import | Shredded, CFR India | USD 335/MT |
| India Domestic | HMS 80:20, ex-Mumbai | INR 22,100/MT |
| India Domestic | Melting Scrap (Ship breaking), ex-Alang | INR 23,400-23,500/MT |
| Turkey Imports | HMS, CFR Turkey | USD 305-308/MT |
| Taiwan Imports | HMS, CFR Taiwan | USD 290/MT |
| Taiwan Imports | Shredded, CFR Taiwan | USD 325/MT |
Scrap Prices in Alang move up by INR 300-400/MT W-o-W
Scrap prices in Alang, which is Asia’s largest ship breaking yard, noticed a price hike of INR 300-400/MT this week owing to lesser number of ships coming for demolition.
Alang plays an important role in supplying Scrap in the domestic market. Melting Scrap prices in Alang were assessed at INR 23,400-23,500/MT.
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