Imported Scrap offers unchanged to Indian Market- Reports

Imported containerized Scrap prices find support as exporters prefer to keep their offers unchanged. HMS 1&2 Scrap offers are in the range of USD 310-320/MT CFR India. However, prices have corrected over USD 20-25/MT in last few weeks.

Market seems to be stabilized this week with offers remaining at the same levels. Current offers from Europe for HMS 1&2 are around USD 310-315/MT CFR Mumbai. Whereas, from South Africa offers are in the range of USD 315-320/MT CFR Mumbai and USD 320-325/MT CFR Chennai. Similarly Middle East offers at USD 320/MT CFR Mumbai .

Continuous fall in imported offers has widened gap between domestic and imported prices, which may incline Indian mills towards imported Scrap with greater inquiries taking place in coming weeks.

Speaking to an importer, SteelMint was informed about a deal of around 10 containers of UAE material HMS 1&2 settling at USD 320-321/MT CFR Mumbai.

Market seems to gain stability after Turkey restarts to book bulk consignments of Scrap from European market. This stability is likely to support confidence of Indian buyers, who were cautious about taking any buying position after witnessing such a volatile market. Right now, Indian buyers are in wait & watch condition.

Few other participants, who were worried about seasonal price rise (as a result of US/Europe market close due to winter holidays), are now relaxed, sharing, “Currently there is selling pressure in the market and witnessing current scenario it seems that there is less chance of price hike.”

And hence, Experts believe Scrap offers to hold for a while.