Imported scrap offers to India for Shredded and HMS jumped this week by USD 10-15/MT W-o-W, limited trades carried out.
As per recent conversations with market participants SteelMint learned that, this week imported scrap offers in India have leap upward over very strong demand for scrap in global market. Offers are now expected to remain mostly stable or to pull up slightly in coming days.
Offers for Shredded scrap in containers now assessed in the range of USD 330-335/MT, CFR Nhava Sheva for both UK and Europe origins. However, few sellers remained quoting upto USD 335-340/MT for Shredded scrap but no buyer was present at these levels.
Latest assessment for HMS 1&2 (80:20) in containers for Dubai origin is now at the level of USD 305-310/MT, CFR Nhava Sheva. These offers are increased by USD 5-10 than last week’s assessment which was around USD 300/MT, CFR Nhava Sheva.
Importers in Indian market are less active however prices are going up over strengthening demand of scrap in global scrap market this week, a market participant shared with SteelMint.
Though domestic scrap prices are up by INR 200-300/MT on W-o-W basis the gap between domestic and landed cost for imported scrap still persists. Thus domestic scrap preferred higher over imported scrap by most of the importers based in India. Currently, HMS (80:20) in Mumbai is assessed at INR 20,800/MT and that in Chennai is around INR 20,700/MT (Basic prices, GST @ 18% extra)
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