India: Mills expect further correction in scrap import offers

India’s scrap import market is gradually gaining momentum from the end of last week as enquiries for imported scrap have been picking up slightly. However, only limited deals have been heard as mills are eyeing a correction in prices in the near-term.

• SteelMint’s assessment for UAE-origin HMS 1 is now at $490/t CFR Nhava Sheva.
• A few bookings for HMS have been reported by Gujarat- and Chennai-based buyers.
• SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $535-540/t CFR Nhava Sheva.