In recent conversations with market participants, SteelMint learned that imported scrap offers to India have remained almost unchanged this week again and buying activities have also remained dull.
As per assessment, offers for HMS 1&2 (80:20) in containers for Dubai origin stood at USD 315-320/MT, CFR Nhava Sheva same as the last week.
While offers for HMS (80:20) for USA origin assessed at USD 330/MT, CFR Nhava Sheva. Some offers heard even around USD 340/MT, CFR for Australia origin HMS. Offers for Turning heard at USD 290/MT, CFR Nhava Sheva.
Offers for Shredded scrap accessed stable in this week again and for major origins like Australia and USA currently accessed at USD 345 /MT, CFR Nhava Sheva.
“The imported ferrous scrap market is running very dull in terms of the fresh bookings. A market is expected to show some corrections up to USD 10-15/MT in the near term but buying activities are less likely to pick up in a months time.”- shared a trade source.
Market participants shared that domestic scrap is offered around INR 24,500-25,000/MT including GST at most of the region in India which is still cheaper than imported scrap and hence gaining upper hand.
Currently, HMS (80:20) in Mumbai is assessed at INR 21,000/MT and that in Chennai is around INR 20,500/MT (Basic prices, GST @ 18% extra).
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