Imported scrap offers to Indian market remain more or less stable. Limited buying activities noticed in the market, as Indian buyers prefer domestic sponge iron (DRI).
Current offers for shredded scrap were assessed in the range of USD 220-225/MT, CFR Nhava Sheva. HMS 1&2 from Middle East and South Africa were heard to be offered in the range of USD 210-215/MT, CFR Nhava Sheva.
Scrap suppliers report that they are fetching better realizations in other markets like Pakistan and Bangladesh. Suppliers do not see scrap prices going down from these levels. Current offers for shredded scrap are hovering within USD 225/MT, CFR Pakistan and USD 230-235/MT, CFR Bangladesh.
Import volumes likely to fall
Limited buying interest and falling import of bulk cargoes will weigh upon total import to India in July, 2016. According to provisional data, imports are likely to fall to 350,000 MT in July against 480,000 MT in June, 2016.
Global imported ferrous scrap offers in week 31
| Particular | Size | Offers | 1 W | 1 M | Remark |
| CNF India | HMS(80:20), Europe | 205-207 | 205-207 | 215 | Trade activities remain low. High disparity between sellers offers and buyers expectation. Smelters prefer domestic scrap and sponge iron. |
| HMS-1, Middle East | 210-215 | 210-215 | 220 | ||
| HMS-1&2, S.Africa | 210-212 | 205-210 | 215 | ||
| Shredded, Europe | 220-225 | 220-222 | 230 | ||
| Shredded, US | 220-225 | 220-222 | 225 | ||
| CNF Taiwan | HMS(80:20), US | 195-200 | 195-200 | 205 | Trade activities low, prices fall. |
| CNF Turkey | HMS(80:20), US | 225-230 | 220-225 | 218 | Prices moved up on limited supply from US and Europe. |
| CNF Bangladesh | Shredded, Australia/Europe | 230-235 | 225-230 | NA | Prices find support on expected increase in demand post monsoon season. |
| HMS 80:20, Australia/Europe | 215-220 | 210-215 | NA | ||
| CNF Pakistan | Shredded, US/Europe | 220-225 | 225-230 | NA | Buying improves and market expects prices to have bottomed out. |
Offers in USD/MT
Source: SteelMint Research
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