Indian importers continue to increase bulk shipments due to pre-winter stocking and rising scrap prices in Turkey market.
As per the industry sources SteelMint learned, there are three more bulk shipments lined up for late Nov and early Dec’15.
Recently, a deal of 26,000 MT bulk vessel of scrap is heard to have concluded (10-12 days back) at USD 205-208/MT, CFR Kandla. According to sources, the deal was concluded between Metro metal (US) and MTC. The vessel would contain around 14,000 MT shredded and 12,000 MT P&S scrap.
The other two vessels are sold by US based supplier carrying 30,000 MT and 25,000 MT of scrap each.
As per sources report, the first vessel carrying 30,000 MT shredded scrap is purchased by Tata international. The vessel is expected to arrive Kandla port by end of Nov’15.
Another vessel carrying 25,000 MT of scrap is also expected to arrive Indian port by the end of Nov’15. According to sources, around 10,000 MT of material purchased by BMM Ispat will be unloaded at Chennai port and the rest 15,000 MT would be shipped to Mundra port.
Imported Scrap offers to India continues to remain high
Shredded offers from US/Europe to Indian remain at USD 200-210/MT levels. Scrap suppliers feel the prices have bottomed out and hence are not willing to reduce the price. Active buying from Turkey has also encouraged scrap supplier to maintain high price.
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