After the recent plunge at global levels, imported scrap market to South Asian markets has been witnessing subsequent decline throughout this week. Although scrap offers to India have come down considerably on a weekly basis, however many sellers have withheld their offers in the last 2 days, not offering much material amid the extremely volatile sentiments in Turkish import market, even as some bookings were concluded at decreased prices. Also buyers have turned cautious and have adopted ‘wait & watch’ approach before making fresh bookings.
SteelMint’s assessment for containerized Shredded 211 from North America and Europe to India now stands at USD 282-285/MT CFR, down by USD 7-8/MT W-o-W, against USD 290-294/MT last week. Some transactions for Shredded scrap were witnessed for the western region at around USD 283-284/MT CFR, over the last day, although many other suppliers either held back from offering or quoted higher than market rates.
Offers for imported scrap witnessed slightly lesser drop against the previous week, with HMS 1&2 (80:20) from Europe/UK standing in the range of USD 272-275/MT CFR Nhava Sheva, amid slow trades, while Dubai origin HMS 1 super (no ci gi) has been assessed at around USD 280/MT CFR.
Some suppliers quoted South African HMS 1 at USD 288-290/MT CFR, however as per few sources, this came with gap for negotiation, as prices were on the higher side considering the present market dynamics.
West African HMS 1&2 (80:20) to Goa was sold at USD 270/MT CFR, earlier this week, with a likelihood a further downslide this week.
Even as many buyers wait for the bottom to be achieved in the ongoing downtrend, cautious approach from the sellers too is expected to keep trades limited for this week.
Pakistan witnesses sharp drop in prices – Offers to Pakistan have been in a consistent decline since some time now, with prices falling by over USD 10/MT in the last one week. Current offers for Shredded211, stand at USD 278-280/MT CFR Qasim from Europe, down by USD 6-7/MT against closing of last week.
Several Shredded trades were concluded at USD 280/MT from European origin, while few offers have been witnessed at USD 277-278/MT CFR earlier today, with no conclusions at these levels as yet, as any buyers are bidding for USD 275/MT CFR levels.
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