1. Appreciating Japanese Yen
2. Higher price paid by Korean buyers
Japanese ferrous scrap offers to Indian market continue to rise this week owing to strong Japanese currency, yen and active buying from Korean steel mills. However, Indian buyers resist making purchases at these levels and buying interest seen at around USD 270-275/MT, CFR levels.
Current offers for Japanese shindachi busheling shredded (which is of better quality than ISRI 211) are assessed at USD 300/MT, CFR Nhava Sheva, which were within USD 260-270/MT, CFR Nhava Sheva last week. Shredded scrap offers from US/Europe are assessed in the range of USD 270-275/MT, CFR Nhava Sheva, but no deals were heard to conclude at this level.
India imported about 56,000 MT ferrous scrap from Japan in 2015.
Country-wise scrap import to India in 2015
| Countries | Total Quantity | Percentage |
| United States | 8,65,800 | 15% |
| United Arab Emirates | 8,65,600 | 15% |
| United Kingdom | 8,15,000 | 14% |
| South Africa | 7,34,700 | 13% |
| Australia | 3,41,750 | 6% |
| Singapore | 3,02,500 | 5% |
| Japan | 56,000 | 1% |
| Others | 17,61,150 | 31% |
| Total | 57,41,500 | 100% |
Quantity in MT
Source: SteelMint Research
Leave a Reply