Indian buyers have shown resistance for imported scrap due to consistently declining steel prices in domestic market. Indian steel prices have observed a downfall of around INR 1,500-2,500/MT (USD 23-38) during October.
Market participants mentioned that current offers for Shredded scrap (ISRI 211) from Europe are assessed at USD 195-200/MT, CFR Nhava Sheva port. Whereas, US Shredded scrap offers are assessed at USD 190-195/MT, CFR Nhava Sheva.
“Buying interest remained muted due to sharp fall in domestic prices. Despite limited sellers in the market, buyers are unwilling to take position. Current offers for Shredded are somewhere in the range of USD 190-200/MT, CFR and HMS at around USD 185-195/MT, CFR India”, said an indenter based in Mumbai.
Indian scrap imports increased in 2015 owing to lower prices and rising bulk shipments from US. India imported about 4.06 MnT of ferrous scrap during Jan-Sept’15.
Trade-wise
- Japanese Busheling Shredded scrap offers increased to USD 220-222/MT, CFR India; no buying interest observed
- European Shredded scrap offers are USD 195-200/MT, CFR Nhava Sheva
- European Shredded scrap offers are in the range of USD 210-215/MT, CFR Chittagong Port
- European Shredded scrap offered at USD 200-205/MT, CFR Pakistan.
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