Despite limited imported scrap trades to India, offers this week have inched up further by USD 5-10/MT. Shredded scrap of UK origin are assessed at USD 235-240/MT, CFR Nhava Sheva. Meanwhile, offers for HMS scrap are assessed at USD 225-227/MT, CFR Nhava Sheva, Mumbai.
Imported scrap trades to India have been silent since more than four months. An imported scrap trader based in Mumbai said, “After a negligible transactions since last four months, we don’t see any scrap shortage in Indian market”.
SteelMint also learnt from steel manufacturers based in north and west India that increase in supply of sponge iron, improved availability of domestic scrap and low production of steel have resulted in limited scrap buying.
At an average, a furnace operator located in Mumbai, Ludhiana or Mandi Gobindgarh books 100 containers every month, which reported to be absent since last couple of months.
About 2,000 MT HMS scrap (25 MT container loading) of UAE origin was traded at USD 212/MT. Few manufacturers also reported to purchase the same grade material at USD 207-210/MT for Aug’16 deliveries.
During Jan-Jul’16, India has imported 3.67 MnT of scrap from international market.
Imported scrap prices in week 34
| Particular | Size | Prices | 1W | 1M |
| CNF Bangladesh | HMS(80:20), Europe | 230 | 220 | 215 |
| Shredded, Europe | 245-248 | 235 | 230 | |
| CNF India | HMS(80:20), Europe | 220 | 207 | 205 |
| HMS-1, Middle East | 220 | 215 | 215 | |
| HMS-1&2, Middle East | 215 | 210 | 207 | |
| HMS-1&2, S.Africa | 220 | 217 | 215 | |
| Shredded, Europe | 235 | 223 | 220 | |
| Shredded, US | 235 | 225 | 220 | |
| CNF Pakistan | Shredded, Europe | 240 | 230 | 227 |
| CNF Taiwan | HMS(80:20), US | 216-218 | 204 | 200 |
| CNF Turkey | HMS(80:20), US | 227 | 229 | 220 |
| FOB Japan | Busheling Shredded | 235 | 220 | 215 |
| FOB Europe | HMS(80:20) | 210 | 207 | 200 |
| FOB US | Shredded | 210 | 210 | 205 |
Prices in USD/MT
Source: SteelMint Research
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