A recent deal of around 30,000 MT, US-origin shredded scrap is heard to be concluded by an Indian importer. The cargo is expected to load some time in October and arrive during November at Chennai and Tuticorin ports. Sources close to this matter also mention that the deal has been settled at USD 225-227/MT CFR India.
Scrap prices in global seaborne market have fallen significantly by around USD 20/MT in last one month, owing to cheaper billet offers from China. Imported scrap (HMS 80:20) prices have fallen to USD 198-200/MT CFR Turkey with a fall of about USD 15/MT during September. Turkey is the largest importer of scrap in the world.
Current offers for containerized shredded scrap to India are at around USD 220-225/MT from Europe and US; whereas, HMS 80:20 at around USD 210-215/MT CFR India.
Bulk scrap vessel arrived at West Coast of India
A bulk vessel carrying 28,000 MT scrap of South African origin is heard to have arrived at Mundra Port. The vessel contains approximately 5,500 MT bonus/P&S grade, 18,000 MT HMS-1 and 4,500 MT shredded scrap.
The deal was heard to have been settled at around USD 250/MT, CFR West Coast of India around a month ago with a steel manufacturing and exporting firm based in Kutch (Mono Steel). At that time offers from South Africa for HMS-1 were in the range of USD 235-240/MT, shredded at USD 250/MT and P&S at USD 255/MT, CFR India.
| Berthing | Discharge Port | Load Country | Quantity in MT |
| Apr’15 | Mundra | Australia | 40,300 |
| Apr’15 | Kandla | USA | 41,000 |
| Apr’15 | Chennai | USA | 41,450 |
| May’15 | Kandla | Australia | 31,000 |
| May’15 | Mundra | Australia | 25,000 |
| May’15 | Chennai | USA | 33,000 |
| Jun’15 | Vizag | Australia | 27,000 |
| Jul’15 | Vizag | USA | 35,000 |
| Aug’15 | Kandla | USA | 23,000 |
| Sep’15 | Mundra | S.Africa | 28,000 |
| Oct’15* | Chennai | USA | 30,000 |
*Upcoming vessel
Source: SteelMint Research
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