Trades for imported scrap to India turned very quiet in the latter half of this week, on the plunge at global level following Turkish prices collapse and COVID-19 fears. Most buyers were reported to not be bidding at all this week and in spite of sharp fall in offers, looked to wait till Monday next week for more clarity in prices.
Assessment for Shredded scrap from USA/Europe now stands at USD 280/MT CFR Nhava Sheva, down by over USD 18/MT against last week, while falling by USD 10/MT from earlier this week. against last week, with most shredded offers reported around this level, however market is anticipating the offers to fall further in the coming days. No major trades for Shredded scrap to India have been reported at these levels as yet, as the buyers are not reacting to any offers presently.
HMS offers have fallen by similar levels this week with UK origin HMS 1&2 (80:20) now being reported at around USD 265/MT CFR, while Dubai origin HMS 1 (no ci gi) has now dropped to USD 280/MT CFR, down by USD 10/MT against last week, while HMS 1&2 offers from Dubai ranges between USD 270-275/MT depending on quality.
African origin material is witnessing very less offers currently with no notable offers from South African suppliers, with market assessing the HMS 1 from South Africa to be around USD 280/MT, while few offers of HMS 1&2 from West Africa were reported around USD 262-265/MT CFR.
Pakistan observes some Trades after price plummet – After the recent global price collapse, Pakistan is witnessing bookings at successively decreasing prices every day, with some material from Europe being sold at USD 278/MT CFR, Shredded basis. Earlier today, it was reported that latest offers for Shredded to Pakistan have dropped to USD 275/MT CFR Qasim.
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