During the last week, Indian ferrous scrap importers had jumped back into the market and some bookings were accepted by few Indian buyers. But during this week, the importers have gone silent again and as per the recent conversations, SteelMint learned that no fresh import bookings are taking place as the buyers are awaiting for prices to calm down.
Imported scrap offers to India have increased by USD 5-10 /MT compared with last week’s prices for all grades of scrap almost for all origin.
Offers for HMS 1&2 (80:20) UK origin ferrous scrap assessed at USD 295-305 /MT, CFR Nhava Sheva. Aside offers for South Africa origin HMS 1&2 (80:20) heard at USD 310/MT, CFR Nhava Sheva and Dubai origin HMS 1 & 2 is heard at USD 300/MT, CFR Nhava Sheva.
While offers for Shredded scrap stood at USD 320-325 /MT, CFR Nhava Sheva up by almost USD 5 /MT compared with last week’s prices.
Indian scrap importers kept away from booking new cargoes –
Though, the scrap shortage is persisting in the local markets, consistently rising prices for the imported scrap made almost all buyers to keep themselves away from fresh trades.
Sponge iron prices in India have also been witnessing hike and have moved up by up to INR 800/ MT W-o-W amid supply crunch coupled with improved demand.
Looking over the trend, some market participants consider that this rise in scrap prices will persist further for the September bookings too, also the shortages in inventories may benefit the sellers to quote higher for upcoming months. Most of the importers/traders are waiting for the market to stabilize.
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