Imported Offers for HMS 1&2 Scrap remain stable at USD 390-395/MT

Indian imported Scrap market seems to be stable with not much fluctuation in offers as compared to last week due to slow down in finished demand.

Middle East offered HMS 1&2 at USD 395/MT CFR Mumbai. But, Scrap buyers are interested to buy at USD 393-394/MT CFR. Similarly, HMS offers from South Africa are at USD 390-392/MT CFR Mumbai.

A smelter based in Mumbai who is an active Scrap consumer said,

[su_quote]Due to shorter delivery time we prefer Scrap from South Africa & Middle East.  Europe is also offering HMS at USD 390/MT, which could be easily negotiated to the level of USD 388/MT, but still we don’t find it feasible considering its longer delivery period.[/su_quote]

European nations are offering Shredded Scrap to Indian importers at around USD 400/MT and offers from US was at USD 405/MT CFR Mumbai. But, traders haven’t received any new offers from US.

A trader based in Chennai shared,

[su_quote]Although there is less buying from Europe, we have recently settled a deal for HMS 80:20 with a Poland based trading company at USD 395/MT CFR Chennai.[/su_quote]

[su_pullquote align=”right”][su_note note_color=”#eaeae6″ text_color=”#0d0d0d”]As per an industry expert, Scrap offers are likely to remain stable in the short term due to higher Sponge iron prices.[/su_note][/su_pullquote]

Future direction will be set by the Supreme Court’s pending interim order on Iron ore mining ban in Odisha. In case order turns to be negative for mining industry, scrap offers will shoot up.