According to recent conversations with market participants, SteelMint learned that- the Indian ferrous scrap market observed further hike in offer prices in this week.
The average increase of USD 10-15 /MT W-o-W has been witnessed for all grades of scrap in all the origins. Indian scrap importers preferred to wait before booking fresh vessels.
Offers for HMS 1&2 (80:20) in containers from UK, Dubai and Australia origin ferrous scrap came almost in line in this week and stood at USD 320 /MT, CFR Nhava Sheva.While the offers for Shredded scrap cargoes stood in the range of USD 335 /MT, CFR Nhava Sheva.
The Indian ferrous scrap market is running short of inventories and most of the buyers are looking for the cheaper cargoes. But participants mentioned that global scrap prices are less likely to come down.
Some market participants highlighted that they are preferring domestic scrap currently. The Price for HMS 1&2 (80:20) in Mumbai is assessed at INR 21,000 MT (Basic prices, GST @ 18% extra). As per reports, domestic scrap availability has improved this week.
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