Imported scrap trades to India picked up this week even as offers dropped further on the global downtrend of the market, SteelMint learned from industry participants. Many buyers booked imported scrap in lower quantities to maintain their inventory necessities, while the market sentiments in the country are looking to turn positive.
SteelMint’s assessment for containerized Shredded from the UK, Europe and USA to India stands at USD 255/MT, CFR Nhava Sheva, down by another USD 5/MT against last week’s report. Although decent bookings were witnessed at these levels, bids from many steelmakers remained at around USD 252/MT, trying to pull down the prices further.
A global trader concluded 2,000 MT of Shredded scrap of UK and USA through containers, at USD 255/MT CFR this week.
HMS offers also have moved down by USD 5-10/MT over the week, depending on origin. HMS 1 offers from Dubai were reported to be at around USD 250-252/MT, CFR while UK origin HMS 1&2 offers were assessed at around USD 240-244/MT CFR.
Offers for South African origin HMS 1 mainly remained absent, while west African origin HMS were reported at around USD 248/MT CFR Goa, however, no major deals were reported.
Pakistan books at lowered prices – In the last couple of days, following the fall in Turkish import prices, imported scrap offers to Pakistan dropped further and stands more or less at similar levels as Indian offers. Several bookings for UK origin Shredded scrap were reported at USD 255/MT CFR Qasim, down USD 4-5/MT against the opening of the week, while some bids from buyers for European material was reported at USD 250-252 CFR range.
Indian Domestic Scrap Prices Stood Firm – After observing a significant fall in prices last week, local scrap offers stood mostly stable this week. The current assessment of local HMS 1&2 (80:20) stands at INR 21,300/MT (USD 302) ex Mumbai, while Chennai based HMS 1&2 (80:20) assessed at INR 20,100/MT (USD 285) ex-works.
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