Imported Scrap Offers to India Increases Despite Low Domestic Demand

Shredded offers from global suppliers inflate to 200-210/MT CFR levels.

Unwillingness of scrap suppliers to export scrap presently, owing to limited collection, improved domestic demand and aggressive buying by Turkey has made scrap offers go bullish.

There were variety of offers heard in markets. Few Indian importers offered Shredded at USD 195-200/MT, and others at USD 200-210/MT, CFR India.

European HMS 80:20 is heard in the levels of USD 190-195/MT whereas from Middle East is heard at USD 200-205/MT levels (25 t loading). Meanwhile no offers is heard from South Africa.

However there is very few buying interest seen in Indian market. Sharp fall in steel prices in last few working days, has developed panic selling in market. Buyers have become cautious about booking scrap and are anticipating further downfall.

Trade wise

1. 1,000 MT of European shredded concluded at USD 205/MT, CFR Nhava Sheva
2. HMS scrap offers to Turkey are at around USD 180-185/MT CFR basis
3. European shredded scrap to India are at around USD 200-210/MT, CFR levels
4. Less offers for US shredded scrap heard.  Offers in the range of USD 190-200/MT CFR
5. HMS from Europe is offered at USD 190-195/MT CFR India.