Market participants reported trades in containers being carried out and participants are eyeing for correction in bulk offers than current prevailing offers.
Recently few volumes of Shredded scrap in containers from USA sold at USD 370/MT, CFR Nhava Sheva while offers for Shredded scrap from USA were around USD 370-375/MT, CFR Nhava Sheva. Thus, the price assessment in India slightly moved down by USD 3-5/MT against last week’s assessment. However, participants expect prices to come down further by USD 5-8/MT in coming trades.
Price assessment for HMS 1&2 (80:20) in containers is at USD 335-345/MT, CFR Nhava Sheva from USA and offers for HMS heard from West Africa are at USD 345/MT, CFR.
Offers for P&S scrap were at USD 375/MT and Turnings assessed around USD 320-325/MT, CFR Nhava Sheva.
“Bulk cargo for Shredded scrap from USA is being offered at USD 395/MT, CFR Nhava Sheva However, buying interest for the same was at USD 385/MT, CFR Nhava Sheva” – a scrap supplier shared.
Few thin trades for imported scrap in containers are happening in India currently. The market was little slowed down towards ending of last week. UK suppliers were less active and not offering much over the currency depreciation of pound (GBP) against the dollar (USD). The exchange rate has now increased to 1.43 against 1.38 last week. If this will show correction then possibly few more bookings from Indian buyers also can be witnessed in near time, shared a source from South India.
Domestic scrap prices increased slightly on W-o-W basis though few steelmakers remain working with the domestic scrap as it is still cheaper over imported. Currently, HMS (80:20) in Mumbai is assessed at INR 24,200/MT and that in Chennai is around INR 24,800/MT (Basic prices, GST @ 18% extra).
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