A bulk vessel of 41,000 MT Shredded Scrap from US is to be unloaded at Kandla (Gujarat) Port in between 31 Dec, 2014 to 1st week of Jan’15, according to port data maintained by SteelMint. Vessel has been shipped from Oakland, US West Coast on 23 Nov, 2014.
Trade sources mentioned that cargo has been imported by Hariyana Group,based in Mumbai, which is into ship recycling and steel trading. Sources also reported that cargo has been imported at around USD 330-335/MT, CIF Kandla Port.
“We are not surprised with this bulk shipment as most of Indian importers were prepared that loading will slowdown from Europe and US during December and had booked the material accordingly,” said an Indian importer, who trades in European and US Scrap.
Imported Scrap Prices to India stabilize on Rupee Depreciation
Imported Scrap offers to Indian market have been quiet for a while due to volatility in Indian Rupee and falling steel prices in the domestic market.
Current prices for HMS 1&2 are assessed at USD 315-317/MT from Middle East and USD 310-312/MT from Europe, CIF Nhava Sheva. Whereas, Shredded Scrap prices are at USD 335-340/MT, CIF Nhava Sheva/Chennai.
Current Imported Scrap Offers
| Particulars | Origin | Offers | M-o-M Change |
| HMS 1&2 | Europe | USD 310-315/MT | Nil |
| HMS 1&2 | Middle East | USD 315-317/MT | 5 |
| HMS 1 | Middle East | USD 330-335/MT | 10 |
| Shredded | Europe/US | USD 340/MT | 15 |
USD 1 = INR 63.58
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