Mixed Response Received for Imported Scrap Offers in India

Imported scrap offered to India is available in wide range; shredded at USD 200-210/MT, CFR India.

Dull demand in domestic market against strong global demand has resulted in mix pricing. Few suppliers have offered shredded at USD 208-212/MT, viewing the short supply. While, others have offered at USD 200-205/MT, CFR India, witnessing low domestic demand.

Continuous rainfall in Chennai has kept the market mum. No trades are heard to take place in Chennai; in fact sign of panic selling was seen in the market. The bulk vessels of shredded bought to the port in recent days, were heard to have offered even at USD 195/MT, CFR India.

Alongside, fall in sponge and billet prices by around INR 500-1,000/MT across India in a week’s time has resisted buying of imported scrap at an inflated levels.

Similarly, current depreciation in currency (INR against USD) is also playing a vital role; making an already dearer scrap, further expensive. Recently, Indian Rupee has touched the level of 66.5 against USD.

Trade-wise

1. US-shredded is offered at USD 200-208/MT, CFR India.
2. European shredded offers are in the range of USD 210-215/MT, CFR India.
3. European HMS 80:20 is available at USD 190-195/MT, CFR India.
4. South African HMS (25 tonnes) started to offer at USD 200-205/MT, CFR India.
5. US Shredded was sold to Pakistan at USD 210/MT, CFR.