As per recent conversations with market participants SteelMint learned that, imported scrap offers have come down by USD 5-10 /MT W-o-W.
As per assessment offers for HMS 1&2 (80:20) in containers for Dubai origin stood at USD 315 /MT, CFR Nhava Sheva. Last week the offers were hovering in the range of USD 320-325/MT, CFR Nhava Sheva.
Offers for Shredded scrap is accessed stable in this week. While, the offers for Shredded for major origins like Europe, UK and USA currently accessed at USD 340-345 /MT, CFR Nhava Sheva.
Though buying interest remained low but some buyers started inquiries with negotiating the prices even below the present level.
“Indian imported scrap offers have fallen marginally this week.Although buying interest remains low by USD 5 than current levels. Most of the buyers are demanding HMS at USD 310 /MT, CFR Nhava Sheva.” a west India based market participant shared.
The prime reason behind the fall in imported scrap offers is assumed to be seasonal slowdown as heavy monsoon rains have reduced consumption in the construction sector This has resulted in weak demand for long steel.
“Market is slow. Everyone is waiting for the Turkey to come back from the holidays to get clear picture of the market.”-a market participant shared with SteelMint.
No fresh booking confirmed in this week again and Importers seemed to prefer domestic scrap. Currently HMS (80:20) in Mumbai is assessed at INR 21,300/MT and that in Chennai is around INR 21,000/MT (Basic prices, GST @ 18% extra).
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