Imported scrap trades to India remained completely quiet this week, with neither any booking in containers getting reported, nor any significant buying interest from mills being witnessed. With major secondary steelmakers having curtailed or suspended their operations as yet, and with sufficient stock with the mills, no fresh bookings were reported at prevailing price levels.
Additionally, the containers from previously booked cargoes which have arrived are still stranded at many ports, with buyers facing difficulties and delays in taking the deliveries amid continued lockdown.
Although the National lockdown in India has now been extended further till 17th May’20, it is now a graded lockdown with certain relaxations in the green zone districts. It remains to be seen, if mills in these regions are permitted to operationalize, while imported scrap bookings are expected to pick-up only after the steelmakers get clarity regarding the timeline for resumption of their plants.
SteelMint’s assessment for containerized imported shredded 211 scrap from North America stands at USD 270/MT CFR Nhava Sheva, with very few offers being reported around this price level, although no inquiries from end users was assessed and no major bids by buyers were presented.
Dubai origin HMS 1 (no ci gi) was reportedly offered at around USD 245/MT CFR recently, while HMS 1&2 (80:20) were witnessed at USD 235-238/MT CFR Nhava Sheva, however prevailing difficulties in collecting shipments, kept buyers away from making any bookings, as per trade sources.
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