Imported scrap offers to India assessed stable this week for shredded and little down for HMS scrap by USD 5-10/MT W-o-W, but bookings are still subdued.
As per recent conversations with market participants SteelMint learned that, this week imported ferrous scrap market was less active. Most of the participants returned from the Holidays for Dussehra in India.Buying activities remained dull owing to an inert mood of buyers.
As per assessment offers for HMS 1&2 (80:20) in containers for Dubai origin down at the level of USD 280-285/MT, CFR Nhava Sheva and offers for other major origins assessed in the range of USD 285-290/MT, CFR Nhava Sheva. These offers are down by USD 5-10 than last week’s assessment.
However, offers for Shredded scrap remain stable in this week for both UK and Europe origins and now assessed at USD 310-315/MT, CFR Nhava Sheva. Offers for Turning material heard at USD 260/MT, CFR Nhava Sheva.
“No fresh bookings confirmed yet in the bulk cargoes in India. Presently, very few buyers are present in the market for imported scrap. Most of the steel mills are still preferring domestic scrap over the price margin and faster deliveries than imported scrap.”– A west India based scrap trader highlighted.
Domestic scrap prices in western India have come down by INR 200-500/MT W-o-W. On similar lines, domestic sponge prices in India have also weakened.
Currently, HMS (80:20) in Mumbai is assessed at INR 20,000/MT and that in Chennai is around INR 20,200/MT (Basic prices, GST @ 18% extra).
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