As per recent conversations with market participants, SteelMint learned that imported scrap offers have remained almost unchanged this week while minor corrections were heard in HMS offers by USD 3-5/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 same as the last week.
While some offers for HMS (80:20) for other major origins like UK and Australia were hovering around USD 320/MT, CFR Nhava Sheva.
Offers for Shredded scrap is assessed stable in this week again. Offers for Shredded for major origins like Europe, UK, and USA currently assessed at USD 340-345/MT, CFR Nhava Sheva.
“There was less buying interest in the market. Some of the buyers have shown buying interest at the level lower by USD 5-10/MT than current levels and started negotiating for prices around USD 305/MT, CFR Nhava Sheva for Dubai origin HMS 1&2 “, shared a trade source.
The seasonal slowdown has lessened the demand in the construction sector. Also, heavy rains throughout the country reduced trading activities.
“Most of the buyers have inclined towards cheaper domestic scrap as the price gap of as high as USD 25-30/MT in the prices of imported scrap and domestic one still persists. No fresh bulk bookings confirmed this week as the suppliers have already sold out even for October requirements ”-a West India based market participant added.
Currently, HMS (80:20) in Mumbai is assessed at INR 21,600/MT and that in Chennai is around INR 20,050/MT (Basic prices, GST @ 18% extra).
The reference index for Turkey’s imported scrap offers lifted by USD 4/MT towards the weekend.Offers now accessed at USD 355-357/MT, CFR Turkey.
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