According to recent conversations with market participants, SteelMint learned that- Indian imported ferrous scrap market remained less active amid rising offers this week.
The average increase of USD 10-15 /MT W-o-W has witnessed for Shredded scrap in all the origins. While, offers for HMS remained majorly stable this week. Most of Indian scrap importers have chosen to wait before booking fresh vessels and are preferring domestic scrap over imported one.
Offers for Europe, UK and USA origin Shredded scrap heard in the range of USD 345-350 /MT, CFR Nhava Sheva.
Offers for HMS 1&2 (80:20) in containers from Dubai origin ferrous scrap stood at USD 320 /MT, CFR Nhava Sheva and for the same grade from other origins heard at USD 325 /MT, CFR Nhava Sheva.
The Indian ferrous scrap market is running short of inventories and most of the buyers are preferring local scrap as the global scrap prices are less likely to come down.
A Chennai based importer shared that-“Not significant buying interest has been seen for imported scrap in Indian market this week. Few bookings for less quantities were reported as domestic scrap is comparatively cheaper. Indian scrap market is supplemented by higher domestic scrap availability compared with last week. There is still a gap of around INR 1,500/MT between landed cost of domestic and imported scrap. Following which importers have shifted their interest towards domestic scrap”
Currently HMS (80:20) in Mumbai is assessed at INR 21,400/MT and that in Chennai is around INR 20,750/MT (Basic prices, GST @ 18% extra).
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