Ferrous scrap importers in India are holding back from booking any fresh vessels amid clarifications on recently implemented tax reform – GST (Goods and Services tax).
Market participants highlighted that Indian steel mills are running short of imported scrap but are still keeping away from making further bookings owing to less clarity over GST and comparatively cheaper domestic scrap offers.
Presently reference prices for containerized HMS scrap of Middle -east is assessed at USD 285/MT, CFR India and that from UK is presently at USD 280/MT, CFR India.
And Shredded scrap offers for containerized cargo are assessed at USD 310-315/MT, CFR India.
9 bulk scrap import vessels reported so far at Indian ports in CY17
So far in CY17 (till date) 9 bulk scrap import vessels have been reported at Indian ports amounting to a quantity 223,750 MT.
Indian importers had booked around 8-10 bulk vessels owing to freight benefits in the month of May for which delivery was expected to be between June and July.
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