SteelMint learnt from recent conversations with market participants that imported scrap trades to India continued to remain slow as high offers from most suppliers kept buyers less interested. For yet another week, no major trades for Shredded scrap were concluded, while HMS scrap from different origins were sold at further increased prices. On an overall basis, the market awaits a further improvement in finished steel sales to provide a push to the raw material procurement.
SteelMint’s offers for containerized Shredded from the UK, Europe and the USA to India have inched up to USD 290/MT, CFR Nhava Sheva, now however the said price levels remain completely less-viable for Indian buyers, with no bids above USD 275-280 levels in the market. The current standoff between sellers’ offers and buyers’ interest has prevented any significant deal for shredded to conclude in a recent couple of weeks.
As per few suppliers to South Asian markets, shredded scrap is now only finding decent buyers’ interest in Pakistan, with Bangladesh and India both preferring to import HMS scrap amid the current market.
Average trades for imported HMS scrap were witnessed even as offers remained firm against last week. Few bookings for high-quality HMS 1 from South African origin were concluded at USD 275/MT CFR, while HMS 1 from Australian origin was reportedly sold at USD 270/MT CFR.
Few trades for HMS 1 (no ci gi) from Dubai were also concluded earlier in the week at around USD 275/MT, while the offers for the same have now inched up further to USD 280/MT CFR. West African Origin HMS (1&2) was sold in significant quantity USD 264-265/MT CFR Goa, while European origin HMS (1&2) was being offered at around USD 265-268/MT CFR Nhava Sheva.
Pakistan offers remain firm – After several weeks of rising trend, imported scrap offers to Pakistan have stabilized for the time being, amid global offers remaining unchanged over the last 10 days. Shredded scrap 211 to Pakistan witnessed decent trades at USD 288-289 levels all through the week, even as the domestic market slows down and falling steel prices have affected the margins of the steelmakers.
Leave a Reply