Imported scrap demand improved due to rising steel prices in domestic market. Indian government may impose Minimum Import Price (MIP) in order to curb rising imports, this has lend support to domestic prices.
Indian steel mills are more inclined towards scrap coming from Middle East and South Africa owing to lower transition time. From South Africa, it takes around 18 days, Middle East 7-8 days and US/Europe around 30-45 days.
Current offers for HMS 1&2 from Middle East are assessed at USD 210-215/MT, HMS 1 at USD 215-220/MT on CFR India basis. European HMS 1&2 are available at USD 190-195/MT, CFR India (Nhava Sheva).
Shredded scrap offers from US/Europe are in the range of USD 205-210/MT. However, buying interest is largely capped within USD 200-205/MT, CFR India.
Offers to Turkey inch up
Decent demand in Turkey and lack of suppliers in market have raised US scrap export offers further by around USD 5/MT. HMS 80:20 offers from US were heard at USD 185/MT and Europe at USD 178-180/MT, CFR Turkey.
As per sources, a recent deal of 13,000 MT HMS 75:25, 5,000 MT Shredded, 5,000 MT HMS 1, 10,000 MT P&S and 7,000 MT Busheling scrap from US was concluded at USD 195/MT, CFR Turkey.
Scrap offers to Bangladesh up by USD 10/MT
Imported scrap offers to Bangladesh have inched up by around USD 5-10/MT post new year. As per participants, HMS offers, which were USD 190-195/MT and Shredded at USD 200/MT in last week of December, are now assessed at USD 200/MT and USD 210/MT, CFR Bangladesh respectively.
Global Scrap prices as on 06 Jan
| Particular/Delivery | Size/Grade | Prices in USD/MT | W-o-W Change |
| CNF India | HMS(80:20), Europe | 190 | 0 |
| HMS-1, Middle East | 215 | + 5-10 | |
| HMS-1&2, Middle East | 210 | + 5-10 | |
| HMS-1&2, S.Africa | 205 | 0 | |
| Shredded, Europe | 205 | 0 | |
| Shredded, US | 205 | 0 | |
| CNF Taiwan | HMS(80:20), US | 150 | 0 |
| CNF Turkey | HMS(80:20) | 180-185 | + 5 |
| CNF Bangladesh | HMS(80:20) | 200 | + 10 |
| Shredded | 210-215 | +10 |
Source: SteelMint Research
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