SteelMint learned from market participants that Indian imported scrap market has observed some trades in the beginning of the week with the news of improving US-China relationship. However, the market remains mostly flat in terms of prices and slows down towards closing the week to observe clear global price direction in upcoming days.
SteelMint’s assessment for containerized Shredded from Europe and UK stands flat at around USD 340-345/MT, CFR Nhava Sheva as against last weeks’ report. Availability of Dubai HMS 1 remains tight amid material being sold out and offers are assessed in the range USD 330-335/MT, CFR Nhava Sheva.
Minor trades for Shredded scrap reported at around USD 340/MT, CFR and Dubai HMS 1 at USD 330-335/MT, CFR in the beginning of the week.
South African HMS 1&2 stands in the range USD 340-345/MT, CFR. While assessment of HMS 1&2 (80:20) from Europe/UK remains flat at around USD 325-330/MT, CFR Nhava Sheva.
Minor trades for West African HMS 1&2 scrap heard sold at corrected prices of USD 310-315/MT, CFR, however, current offers stand at around USD 315-320/MT, CFR Nhava Sheva in 20-21 MT containers.
“Yards seem under no selling pressure at the moment and after two weeks they will shut down till the first week in Jan’19 on seasonal concerns” shared a source.
After showing some recovery INR depreciated back in last 3-4 days against USD. It stands at 70.7 today, which was trading at 69.6 levels a week ago.
Indian domestic scrap prices exhibit mixed trend – Local HMS scrap prices slightly moved up in some regions on a weekly basis. Price assessment for HMS 1&2 (80:20) stands at INR 26,100-26,300/MT (USD 369-372), ex- Mumbai, up INR 400-500/MT as against last week’s report. While prices in the Northern, Central and Eastern region remain hovering in the range of INR 200-400/MT on W-o-W basis.
Chennai based importers observed limited trades on cheaper domestic scrap. Local HMS (80:20) prices stand at around INR 24,900/MT, ex- Chennai, down INR 800-1000/MT W-o-W, 18% GST extra.
Ship breaking market stands in ‘wait and watch’ mode – Volatility in local market kept buyers away from bidding for another week in India. Buyers see no reason to compete for high offers amid weak sentiments in other subcontinental markets. Ship plate prices remain almost flat on weekly basis at around INR 30,600-30,800/MT, ex-Alang levels for 16 mm. Ship cutting prices assessed at USD 420/LDT for general dry bulk cargo; at USD 440/LDT for containers and at USD 430/LDT for tankers on CNF India basis respectively.
Leave a Reply