India’s imported scrap market has exhibited bearish sentiments again this week. SteelMint’s price assessment for imported Shredded and HMS has edged down by USD 5-10/MT on weekly premises. Imported scrap offers to South Asian countries had moved down following global softening, however, suppliers soon started resisting pressure and indications of offers reaching bottom have started emerging in the market towards the closing of the week.
SteelMint’s assessment for containerized Shredded from the Europe, UK and US stands in the range USD 325-330/MT, CFR Nhava Sheva, down by USD 5-10/MT against the last report. Offers from suppliers being quoted mostly in the range USD 330-335/MT, CFR but very limited trades reported. Shredded scrap in bulk cargoes heard at around USD 340-345/MT, CFR.
Ongoing trade tensions between India and Pakistan, hike in scrap cargo freight rates and expected hike in offers from US suppliers have kept market silent and buyers to step back as of now.
HMS 1 from Dubai assessed at around USD 322-325/MT, CFR Nhava Sheva. South African HMS 1&2 prices were reported at around USD 325-330/MT, CFR. While some trades in 20-21 MT containers for West African HMS 1&2 reported in the range of USD 300-310/MT, CFR Goa, Mundra and Nhava Sheva down USD 5-10/MT on a W-o-W basis.
Europe and UK origin HMS 1&2 reported in the range USD 310-315/MT, CFR and Turning from Europe was being offered at around USD 295-305/MT, CFR.
Domestic scrap prices exhibited mixed trends – Local HMS scrap prices in all major regions have been recovering in the second half of the week after correcting sharply amid fluctuating Indian Rupee against USD on political issues. The similar trend has seen in the local semi-finish market.
Price assessment for domestic HMS 1&2 (80:20) stands at INR 25,200-25,500/MT (USD 355-360), ex- Mumbai, down by INR 200-300/MT against the last week. Chennai based HMS (80:20) was being reported at around INR 25,300/MT, ex- Chennai, up INR 200/MT on a W-o-W basis, 18% GST extra.
Northern region domestic HMS (80:20) prices have increased sharply by INR 700-800/MT in a couple of days while the Western coastal region recorded a marginal rise against last week to INR 25,800-26,000/MT levels, ex-Kandla.
Alang’s shipbreaking market observed steady sentiments, however, stubborn resistance in rates resulted in very limited noteworthy improvement with only a couple of beachings reported. Ship plate prices maintained uptrend climbing up by INR 700-800/MT against last week. Prices are being reported for 16 mm plate at around INR 32,700-32,900/MT, ex-Alang.
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