Imported scrap offers to India moved up slightly on weekly basis amid limited availability owing to winters. Buying is expected to start shortly over depleting stocks.
As per recent conversations with market participants SteelMint learned that, this week imported scrap offers in India have witnessed upward movement over strong global market sentiments and falling stock.
Offers for Shredded scrap in containers inched up to USD 345/MT, CFR Nhava Sheva from UK origin. These offers increased by USD 5/MT on W-o-W basis as offers for Shredded were at USD 340/MT, CFR Nhava Sheva for UK origin scrap last week.
Bundles of LMS scrap from Australia and South America were offered at USD 290/MT levels but very limited buyers were interested in this owing to low-grade scrap.
Price assessment for HMS 1&2 (80:20) in containers for Dubai origin is now at the level of USD 315/MT, CFR Nhava Sheva but its availability is quite limited amid tightened supply.
Offers from West Africa were at USD 300-305/MT, CFR Nhava Sheva which were competitive than other markets as buyers were not much interested in buying at high prices.
Offers for Australia origin HMS 1&2 (80:20) assessed at USD 330/MT, CFR Nhava Sheva this week thus HMS offers are also up by USD 5-10/MT from last week’s assessment.
“Imported scrap market is going high in prices at the same time the demand from importer is picking up as there is huge shortage of scrap locally. Prices for finished products are improving and rising sales are building momentum in the Indian market to resume scrap imports shortly.” – shared a market participant
A trader from India shared with SteelMint – Importers in Indian market are looking optimistic now most of them are looking for Middle East and African scrap as the same from other origin is very expensive and not viable for imports.
Domestic scrap prices have elevated up amid rising shortage and tightened supply by INR 400-500/MT on W-o-W basis. Currently, HMS (80:20) in Mumbai is assessed at INR 22,400/MT and that in Chennai is around INR 21,600/MT (Basic prices, GST @ 18% extra)
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