According to recent conversations with market participants, SteelMint learned that Indian imported ferrous scrap market remained silent with no movement. Buying interest has lowered tremendously and even the inquiries remained limited.
The offers for shredded scrap continued almost the same as earlier week in all the origins. While, offers for HMS remained majorly stable this week. Most of Indian scrap importers kept themselves away from market and some of them preferred domestic scrap over imported one.
Offers for Europe, UK and USA origin Shredded scrap heard in the range of USD 345-350 /MT, CFR Nhava Sheva.
Offers for HMS 1&2 (80:20) in containers from Dubai origin ferrous scrap stood at USD 320-325/MT, CFR Nhava Sheva.
The Indian ferrous scrap market is running short of inventories and buyers must have to raise bid prices as the global scrap prices are less likely to come down. Importers seemed to prefer domestic scrap.
Currently HMS (80:20) in Mumbai is assessed at INR 21,200/MT and that in Chennai is around INR 20,800/MT (Basic prices, GST @ 18% extra).
A bulk scrap vessel reported at Kandla port – According to customs data maintained with SteelMint, a vessel named ‘supernova’ carrying 33,600 MT scrap from USA is to arrive at Kandla port and is expected to arrive on 02 Sept’17.
Leave a Reply