India: Imported scrap trades improve, prices likely to pick up

Imported scrap trades in India have improved this week as compared to the past few weeks. Imported scrap offers to India have remained largely stable on a weekly basis. Scrap suppliers expect imported scrap offers may inch up in the coming week on improved inquiries. SteelMint’s assessment for Shredded scrap in containers of UK origin stands at $310/t CFR Nhava Sheva, up by $1 w-o-w.

Confirmed trades of this week –

• Major Indian stainless steelmaker has booked around 4,500 t of imported scrap in containers this week, SteelMint learned from its sources. 2,000 t of MS Turning for European origin scrap and 2,500 t of busheling bundles has been booked at around $285/t CFR Vizag and $330-335/t CFR Vizag basis respectively.
• In another deal concluded, 2,000 t of South Africa origin HMS has been booked in containers at $305/t CFR Chennai.
• A trader has concluded deal for New Zealand origin shredded scrap at $307/t CFR, while another steelmaker has booked 750 t NTP (New Tin Plate) from Europe at $300/t CFR Chennai basis.
• A decent quantity of HMS 1&2 (90:10) has been booked earlier this week from UK at $292-293/t CFR basis.

Current offers for containerized scrap–

Domestic scrap market overview – Domestic scrap prices in western have increased on a w-o-w basis in major scrap consuming markets. SteelMint’s domestic melting scrap HMS (80:20) prices stood at INR 24,100/t in Jalna (up by INR 300 w-o-w) and INR 22,900/t in DAP Chennai (up by INR 200 w-o-w).