Imported scrap offers to India have moved up further by USD 5-10/MT this week, however buying interest slows down at these levels.
Shredded scrap offers from US/Europe are hovering in the range of USD 255-260/MT, CFR Nhava Sheva. But, buying interest is seen at around USD 245-255/MT CFR levels.
Offers for HMS 80:20 (25 tonnes load container) from Dubai are assessed at USD 240/MT, Europe at USD 230-235/MT and South Africa at USD 240/MT on CFR Nhava Sheva basis.
Chinese billet export offers inch up
Chinese billet export offers have moved up this week by USD 10-15/MT, which may give support to scrap prices in global market. Chinese billet market is gaining momentum over production cut and increased demand in domestic market. Current offers for 150*150 mm prime billet are assessed at USD 320-325/MT, FoB China Main port.
India’s interest for bulk import
Indian importers continue to remain active in seaborne bulk scrap import. In 2016 (till March), almost 12 bulk vessels have been unloaded at Indian ports contributing about 25% of total scrap import during this period.
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