In the month of November, Indian Ferrous scrap prices inched up by INR 200-500/MT in South, West & North regions which is known as the largest scrap consumers & import destinations.
On monthly average basis, scrap prices were assessed at INR 17,400/MT (0) ex-Alang, INR 16,550/MT (+0.61%) ex-Mumbai (West India), INR 15,700/MT (+2.28%) ex-Chennai (South India) & INR 18,700/MT (+1.91%) ex-Gobindgarh (North India).
Till 19th of Nov, India’s monthly ferrous scrap import is around 191,600 MT. Meanwhile the country imported around 291,000 MT ferrous scrap in Oct’16.
It is to be noted that since last 3-4 weeks Indian buyers are not preferring imported scrap due to cheaper Indian domestic scrap & sponge prices. However no major trades have been heard in the month of Nov’16 due to demonetization of Indian currency.
Current offers for HMS (80:20) in South region at INR 15,200-15,500/MT (USD 220-225) & in Western at INR 16,800-18,300/MT (USD 245-270) ex-works. Where as similar grade imported scrap (HMS 80:20) offers are within USD 240-250/MT, CNF India (East Coast).
Monthly average prices of HMS (ferrous) scrap
| Month | Alang | M-o-M | Chennai | M-o-M | Mumbai | M-o-M |
| Jan’16 | 16,150 | -600 | 13,200 | + 1,100 | 15,450 | – 100 |
| Feb’16 | 15,800 | – 350 | 14,050 | + 850 | 15,550 | + 100 |
| Mar’16 | 16,500 | + 700 | 15,650 | + 1,600 | 16,150 | + 600 |
| Apr’16 | 16,900 | + 400 | 16,150 | + 500 | 16,600 | + 450 |
| May’16 | 16,400 | – 500 | 15,450 | – 700 | 16,250 | – 350 |
| Jun’16 | 15,550 | – 850 | 14,550 | – 900 | 16,050 | – 200 |
| Jul’16 | 15,300 | – 250 | 14,650 | + 100 | 15,700 | – 350 |
| Aug’16 | 15,350 | + 50 | 14,900 | + 250 | 15,250 | – 450 |
| Sep’16 | 16,450 | + 1,100 | 15,900 | + 1,000 | 16,000 | + 750 |
| Oct’16 | 17,450 | + 1,000 | 15,350 | – 550 | 16,450 | + 450 |
| Nov’16 | 17,400 | – 50 | 15,700 | + 350 | 16,550 | + 100 |
Basic prices in INR/MT
Source: SteelMint Research
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