Imported scrap offers to India continue to remain bearish on low demand. Offers corrected to 3-months low.
SteelMint assessed shredded scrap (ISRI 211) offers to Indian market at USD 220-225/MT CFR India, a fall of USD 5/MT from last week. Market participants blame weak demand from steel makers and cheaper availability of sponge iron in domestic market. India imported scrap qty already fall in May’16 by 1 lakhs tone approx over March’16 due to low sponge Iron availability.
“There is literally no buying interest from Indian steel makers from last few weeks. Current offers for Sponge iron is hovering at INR 10,500-12,500/MT (USD 160-190/MT) on ex-works basis, which is comparatively cheaper than scrap.” said a scrap importer based in west India.
Offers for HMS of 23 tonnes container load from Middle East are at USD 210/MT and 25 tonnes load at USD 215-220/MT CFR India, he further added.
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