India: Ferrous scrap trade remains limited on lower bids

Import offers for shredded ferrous scrap in containers into India remained steady on 20 Jul’21 compared to the end of last week. Trade activities were dull and no deals were reported, as per SteelMint reports. The disparity in prices of domestic and imported scrap was the reason behind limited buying.

• SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $540-545/t CFR Nhava Sheva, largely stable against the end of last week.
• Bids for shredded material were reported at $530-535/t CFR levels.
• Not many active offers from Dubai were reported due to the ongoing Eid holidays. However, assessments for UAE-origin HMS 1 are now at $480-490/t CFR, while assessments for HMS 1/2 (80:20) are at $475/t CFR.