Indian Rupee has touched to 65 per USD level in recent trade. Domestic buyers are reluctant to take position. While, global scrap offers remained stable.
In recent trade, Indian rupee has depreciated to a 2-year low level post China devalued its currency in order to boost exports. Indian scrap importers are hesitating to take position amidst weak rupee and firm offers from global suppliers.
HMS-1&2 scrap offers to India have remained firm at USD 230/MT and Shredded at USD 250/MT, CFR India. Besides, offers for HMS 80:20 from Europe/US have remained at USD 230/MT and shredded at USD 250/MT, CFR India.
Currently, HMS-1 (25 loading) is being offered at USD 240/MT, CFR India and South African HMS-1&2- quite popular in Indian market, is offered at USD 230/MT, CFR India.
Imported offers are expected to remain stable for another 10-15 days despite resistance from Indian buyers.
An importer on the issue shared, “It is hardly to witness any price correction in imported scrap as we can see global offers are currently positive.”
Imported scrap prices in week 34
| Particular | Size/Grade | Prices | Change | 1W | 2W | 1M | 3M |
| CNF Chennai, India | HMS (80:20), Europe | 230 | + 2 | 228 | 225 | 235 | 277 |
| CNF Mumbai, India | HMS (80:20), Europe | 230 | + 8 | 222 | 220 | 235 | 277 |
| HMS-1, Middle East | 240 | + 10 | 230 | 225 | 245 | 285 | |
| HMS-1&2, Middle East | 220 | + 2 | 218 | 215 | 235 | 273 | |
| HMS-1&2, S. Africa | 230 | + 8 | 222 | 220 | 230 | 270 | |
| Shredded, Europe | 250 | + 2 | 248 | 245 | 258 | 302 | |
| Shredded, US | 250 | 0 | 250 | 250 | 260 | 300 | |
| CNF Taiwan | HMS (80:20), US | 172 | 0 | 172 | 172 | 190 | 223 |
| CNF Turkey | HMS (80:20), US | 240 | + 5 | 235 | 235 | 224 | 285 |
| FOB Japan | Busheling Shredded, Japan | 235 | 0 | 235 | 235 | 237 | NA |
| FOB Rotterdam, Europe | HMS(80:20), Europe | 215 | + 10 | 205 | 205 | 193 | 250 |
| FOB US East Coast | Shredded, US East Coast | 225 | + 7 | 218 | 218 | 212 | NA |
Prices in USD/MT
Source: SteelMint Research
Leave a Reply