Prices of imported scrap to India continue to fall this week influenced by decline in Turkey price by USD 8/MT.
Turkey bulk scrap price fell again this week by USD 8/MT as US origin material is heard traded at USD 232/MT down by USD 8/MT over trade dated on 30th Jan’17.
In line with weaken global scrap prices, containerized scrap offers to India fell further this week by USD 10/MT. HMS 80:20 scrap assessed at USD 235-240/MT CIF India, origin UK/Europe. Shredded scrap assessed and trade heard at USD 260/MT CIF India.
“Buyer negotiating the offer as price is continuously falling. However in the yard we are not getting material at lower price. Most of the yard are sold out till Feb’17” said a scrap supplier to India.
“Buyers quote/bid price are as low as USD 225-230/MT for HMS 80:20 however no seller and trade learned at this price” mentioned an indenter located in Mumbai.
One seller reported selling high grade scrap in West Coast. Blue steel scrap heard at USD 275/MT CIF and P&S (plate and structure end cutting) scrap at USD 270/MT CIF.
Domestic sponge Iron (C-DRI) prices reported trade lower by INR 400-500/MT W-o-W at price INR 16-500-17,000 ex Mumbai (USD 240-250/MT). Many manufacturers reported it is beneficial to book scrap at this price for March’17 delivery.
Global Imported Scrap Offers in Week 6:
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 240 | 255 | 265 |
| HMS-1, Middle East | 250 | 260 | 275 | |
| HMS-1&2, S.Africa | 235 | 252.5 | 265 | |
| Shredded, Europe | 260 | 280 | 295 | |
| Shredded, US | 260 | 280 | 295 | |
| CNF Taiwan | HMS(80:20), US | 250 | 250.5 | 260 |
| CNF Turkey | HMS(80:20), US | 232 | 254 | 290 |
| CNF Bangladesh | Shredded, Australia/Europe | 272 | 287.5 | 305 |
| HMS 80:20, Australia/Europe | 255 | 270 | 285 | |
| CNF Pakistan | Shredded, US/Europe | 260 | 280 | 295 |
Source: SteelMint Research
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