Imported Scrap Offers to India Remain Stable on Volatile Market

Indian buyers seemed cautious on volatile market; Sellers witness fall in inquiries from previous week.

Imported scrap offers from Europe & US to India remained stable at around USD 185-190/MT for HMS 80:20 (22-23 tonnes loading), USD 195/MT for HMS 90:10/MT (24-25 tonnes loading) and USD 205-210/MT for shredded, CFR India.

Meanwhile the offers from Middle East which rallied up last week by USD 5-10/MT on the backdrop of increased steel prices in domestic market, were back to previous level of USD 210/MT (for HMS 25 tonnes loading) and USD 200/MT (for HMS 23 tonnes loading).

Offers from South Africa remained absent in Indian market, owing to the permits and licensing issues in the country. Still few participants said to have heard offers at USD 210/MT (for 25 tonnes loading). However, buyers seem less interested on South Africa material, if compared to Middle East material (because of less delivery time).

Currently, Indian scrap buyers are cautious about booking material after witnessing sudden fall in steel prices, post improvement in domestic market in Dec’15.