Offers for ferrous
scrap to Indian importers remain unchanged from last week. Few small cargoes
were being heard sold in past few days.
A recent deal was
concluded on high sea basis at $400/MT CFR Nhava Sheva Mumbai for a small
quantity of 110 MT of HMS 1&2 (80:20). Another supplier based in Dubai, is
offering the same grade at $410/CFR Nhava Sheva Mumbai for around 250 MT.
However, scrap
importers in Chennai are expecting a further discount of $10-15/MT in imports.
Demand for semi and finished material has come down sharply in the region due
to power cut issues and liquidity crunch. It has also restricted the scrap
demand in the market.
HMS 1&2 (80:20)
offered at $420/MT CFR from Dubai based suppliers. But they have failed to log
any bookings.
“Ferrous scrap
offers are likely to come down further ahead of Ramadan. Trading activities in global scrap market is likely to slowdown. Further, falling steel demand
in the Indian market has also kept the scrap demand in check”, said a major
importer based in Mumbai.
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