Imported scrap offers to India moved down on a weekly basis, following the global price falling trend, with only a few small quantity deals getting concluded recently. Buyers are expecting prices to move down further, while slow finished steel sales too, has kept buyers away from booking in decent quantities.
SteelMint’s assessment for shredded scrap from Europe stands at $ 278/t CFR Nhava Sheva, slightly down by $2-4/t in comparison to the last week. While few buyers have concluded few deals at $278/t CFR level, of 500-1000t range each however no major trades were reported. Indian steelmakers witnessed less active in the market for imported scrap bookings, due to many steelmakers continuing their steel production at low level.
In addition to this few shredded scrap being offered at $276-277/t CFR level basis, in which a couple of small deals may conclude, in the coming days as per market sources.
On the other hand, HMS scrap offers to India are very less in the market. HMS 1&2 (80:20) which contained 8% of ci gi sold at $240/t level for around 500-600 t from Dubai, despite of export suspension for four months by the Dubai government. “Once this shipment arrives without any issue, more Dubai deals can happen” confided by a reliable source.
HMS 1&2 from UK being offered at a favorable price, as it reported at $245-250/t CFR basis, while buyers are bidding at a very low level at around $ 230-235/t CFR Nhava Sheva.
European origin suppliers are offered a good price for HMS 1&2 (80:20) which stand at $ 246-250/t, however, buyers are showing less interest at this level. HMS 1&2 (80:20) from West Africa remained stable at around $ 245/t CFR Goa against last week, while buyers have quoted at $ 240/t CFR.
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