Indian imported scrap market has observed very limited trades amid mismatch between offers and bid. SteelMint’s price assessment moved up by USD 5-10/MT on weekly premises following strengthening sentiments in global markets.
SteelMint’s assessment for containerized Shredded from the Europe, UK and US stands at around USD 335/MT, CFR Nhava Sheva, up by USD 5-10/MT against the last report. Offers from suppliers being quoted mostly in the range USD 335-340/MT, CFR. Shredded scrap in bulk cargoes is being offered at around USD 345-350/MT, CFR.
HMS 1 from Dubai assessed at around USD 328-330/MT, CFR Nhava Sheva. South African HMS 1&2 prices are being reported at around USD 330-335/MT, CFR. While West African HMS 1&2 assessed in the range USD 310-315/MT, CFR and Europe and UK origin HMS 1&2 at around USD 315/MT, CFR India.
Domestic scrap prices exhibit mixed sentiments- Local HMS scrap prices in all major regions weakened following less demand for semi-finish steel and sponge Iron prices dipping 1 month low levels. Strengthening of Rupee against USD could support scrap imports in the near terms as the USD/INR exchange rate stands at 70.1 today against 71 levels a week ago.
Price assessment of local HMS 1&2 (80:20) stands at INR 25,100-25,300/MT (USD 358-361), ex- Mumbai, down by INR 200-300/MT against the last week. Chennai based HMS (80:20) was being reported at around INR 24,900-25,100/MT, ex- Chennai, down INR 400-500/MT on a W-o-W basis, 18% GST extra.
Ship plate prices come under pressure by INR 500-600/MT against last week. Prices are being reported for 16 mm plate at around INR 32,100-32,300/MT, ex-Alang.
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