In recent conversations with market participants, SteelMint learned that Indian scrap importers have observed limited deals on sharp currency depreciation and recent price rise in global market. Decent quantities of scrap has been booked in last couple of weeks and many of the steelmakers are now sold for September month. This has pushed importers to turn into ‘wait and watch’ mode. Amid supply tightness and less offers were heard from suppliers and they remained hesitant to offer at low levels and remain holding offers high.
Indian Rupees hit all-time record low above 72 against USD which has impacted import sentiments considerably.
The price assessment from UK and Europe based containerized Shredded stands at USD 360/MT, CFR Nhava Sheva. Which has increased by USD 10/MT W-o-W as against the report of USD 345-350/MT last week. Amid supply tightness very few offers for USA origin containerized Shredded are even being quoted at USD 365-370/MT, CFR.
According to sources, few trades for HMS 1 from Dubai and South Africa sold at USD 350/MT, CFR. While offers for HMS 1&2 (80:20) heard at USD 345-350/MT from UAE and UK. Central American HMS prices heard at USD 343-345/MT, CFR Nhava Sheva.
Indian domestic finish steel prices moved up as Alang based ship cutting prices and local scrap prices have observed improved sentiments with rising demand.
Indian domestic scrap prices march up amid high global prices – Indian scrap prices show uptrend in almost all major regions. Prices move up in central region by INR 200/MT W-o-W on high sponge export prices and stand at INR 29,200/MT, ex-Raipur. At eastern coastal region prices move up by INR 500-700/MT W-o-W. Currently, HMS 1&2 (80:20) basic prices assessed at INR 26,400-26,600/MT (USD 366-369) up INR 600 W-o-W, ex- Mumbai.
Ship breaking market seeks clarity – Average steel plate’s prices have turned upward by INR 400-500/MT W-o-W in the Alang market. Ship cutting prices remained stable on W-o-W basis and assessed at USD 415/LDT for general dry bulk cargo; at USD 440/LDT for containers and at USD 430/LDT for tankers on CNF India basis respectively.The Indian market seems to be going through a ‘fundamentals’ crisis of late along with sharp currency depreciation.
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