SteelMint learned from market participants that Indian imported Shredded scrap offers moved down by USD 8-10/MT on a weekly basis. However, market remains still slower as the buyers are waiting for prices to fall further in order to secure more scrap. The gap between imported and domestic scrap narrows further.
SteelMint’s assessment for containerized Shredded fell in the range of USD 350-355/MT, CFR Nhava Sheva for Europe and UK origin. Offers for Dubai HMS 1 assessed USD 330-335/MT, CFR Nhava Sheva and limited trades concluded at these levels.
While offers for HMS 1&2 (80:20) assessed stable at around USD 328-330/MT from Europe and other origins. South African HMS 1&2 assessment remains at around USD 345/MT, CFR Nhava Sheva.
Very limited offers for West African HMS 1&2 scrap heard this week and an assessment stands at around USD 318-320/MT, CFR Nhava Sheva in 20 -21 MT containers.
“Although demand and enquiries have increased for imported scrap, price fall outside India is prompting importers to wait at the moment.” shared a source.
Participants turn optimistic on the strengthening INR against USD. INR stands against USD at 70.7 today as against 72 levels a week earlier. Strengthening of INR and falling scrap prices outside India could support trades for imported scrap at corrected prices in upcoming days.
3 bulk vessels booked in Sept-Oct’18 to arrive at Kandla port – According to SteelMint’s Vessel line up, 3 bulk vessels which were booked towards end of Sept’18 and early Oct’18, have reported at Kandla port recently. 2 UK origin vessels have arrived at berth comprising almost 96,500 MT mixed scrap. While another cargo comprising 29,940 MT scrap from France is expected to berth at Kandla port shortly.
Indian domestic scrap prices turn down on dull finish steel demand – Indian local HMS scrap prices moved down in major markets except Eastern India where prices remain supported this week. Currently, HMS 1&2 (80:20) basic prices assessed at INR 26,400-26,600/MT (USD 374-376), ex- Mumbai, stable as against last week’s report. Prices in northern region moved down by INR 300-500/MT W-o-W while remained supported in Central and Eastern regions.
Chennai based importers observed fall in prices amid slowdown in purchases. Local HMS (80:20) prices assessed at around INR 26,300/MT, ex- Chennai, down INR 500/MT W-o-W, 18% GST extra.
Ship breaking market standstill, ship plate prices fall – Dollar impending below 71 levels finally providing some much needed signs of encouragements in Alang’s market. Offshore units continue to arrive into India over other subcontinent markets. But ship plate prices remained hovering by INR 200-400/MT and assessed at INR 30,800-31,000/MT, ex-Alang for 16 mm slightly down INR 400-500/MT W-o-W. Ship cutting prices assessed at USD 420-425/LDT for general dry bulk cargo; at USD 440-445/LDT for containers and at USD 430-435/LDT for tankers on CNF India basis respectively.
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