Imported scrap prices to India have corrected further this week. Comparatively less trades were reported this week due to softening market sentiments in secondary finished steel segment, sources reported to SteelMint.
SteelMint’s assessment for Shredded scrap in containers of UK origin stands at $312/t CFR Nhava Sheva, down by $6/t w-o-w. Suppliers’ offers stand at around $310-320/t CFR levels. Few traders indicated marginal increase in offers after Turkish mills resumed bulk bookings at increased offers.
Confirmed trades–
- A prominent stainless steel producer has concluded a deal for about 8,000 t of imported scrap in containers mid of this week. 5,000 t of Shredded from Europe & Australia has been booked at $315-317/t CFR Vizag and 4,200 t of Busheling from Malaysia.
- Few deals of HMS 1&2 (80:20) from West Africa have been booked at $290/t CFR Mundra early this week.
- Nearly 1,000 t Shredded & HMS scrap from UK in containers were booked by Chennai-based mills respectively.
Current offers in containers-
On the other side, sources believe that offers may remain at the higher side, due to strong domestic market sentiments in USA and high scrap yard costing, which are likely to keep the scrap prices high. Whereas various offers have reported from Dubai origin scrap, however, deals have not concluded at the moment due to UAE export ban extended recently, SteelMint learnt.
Domestic market overview -Domestic finished steel market sentiments remained sluggish due to poor demand for finished steel amid lockdown. Domestic melting scrap HMS (80:20) prices are recorded at INR 23,700/t in Jalna and INR 23,500/t in Chennai (DAP).
Outlook – Further decline in imported scrap offers is less expected considering the rebound in Turkish imported scrap prices and higher domestic iron ore prices in India.
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