Following a Turkish mill’s latest booking at a sharply decreased price yesterday, imported scrap offers to India have dropped significantly. Buyers are cautiously holding back presently, waiting for more clarity on the fresh offers, SteelMint learned from market participants. The global price correction was being anticipated by many buyers in South Asian markets, as trades to Pakistan and Bangladesh had remained below par for several weeks now.
SteelMint’s assessment for containerized Shredded from the USA and UK to India stands at USD 305-308/MT, CFR Nhava Sheva, plunging by USD 12-15/MT against last week. However there is a total silence from buyers side currently on expectation of further price corrections. It is expected that fresh offers will be clear by Monday next week.
Offers for HMS scrap too came down significantly since yesterday. HMS 1 (no ci gi) super from UAE is USD 300-302/MT CFR Nhava Sheva. HMS 1 (hand loaded) from South Africa is reported in the range of USD 302-305/MT CFR.
Earlier in the week, higher quality HMS 1 (hand loaded) from Central American (Hondarus) origin was reported at around USD 300/MT CFR. West African HMS too witnessed a sharp fall since yesterday, with few trades being reportedly concluded at USD 294-295/MT CFR Goa, against USD 298-299/MT CFR earlier in the week.
“There is no buying currently and as buyers are waiting for offers to settle down amid the downtrend, with full clarity expected by next week.” shared a source.
Pakistan imported scrap offers also move down – Offers to Pakistan also have witnessed a sharp fall, with fresh offers of Shredded from UK being heard at USD 305/MT CFR Qasim, down by USD 6-10/MT against the opening of this week. Few offers from Other European origins at USD 302-303/MT CFR levels. HMS scrap from Australia and New Zealand was being quoted at around USD 300/MT CFR port Qasim.
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