Retreat in steel prices last Friday after a sharp increase has made Indian scrap buyers little cautious.
Indian steel prices corrected by around INR 1,000-1,500/MT in the later half last week, which had surged up by INR 3,000-4,000/MT on MIP imposition. Indian scrap buyers/importers, who were active last week on the backdrop of bullish sentiments, have halted the activities currently.
As per scrap importers/traders, there were no inquiries seen on Saturday after fall in market. Buyers are preferring to wait and watch till the market gets a direction.
Currently, offers for HMS 80:20 from Europe remained at the same level of USD 190/MT, CFR India. Similarly, shredded from Europe/US were assessed at USD 205/MT, CFR Nhava Sheva and USD 210/MT, CFR Chennai, India.
There were limited offers from South Africa due to ongoing licensing issues at USD 195-205/MT, CFR India for HMS (25 tonnes loading).
Whereas, offers from Middle East melted to USD 195/MT for HMS (23 tonnes loading), USD 210/MT for HMS (25 tonnes loading) and blue steel at USD 220/MT, CFR India.
Meanwhile, scrap (HMS) offers in Bangladesh and Pakistan are assesed at USD 200/MT and USD 190/MT respectively. Shredded offers have reamined at USD 215/MT, CFR Bangladesh.
Outlook
Global scrap suppliers and importers in India are anticipating scrap prices to remain firm/stable at these levels, as they believe the yards are already packed with the bookings till March. Hence, scrap offers won’t really be affected from price fall in domestic market.
Leave a Reply