Imported Scrap Offers to India Firm on Rising Steel Prices

Uptick in domestic steel prices owing to anticipated MIP (minimum import price) has led to improved inquiries in imported scrap market.

Possible restriction from Government on steel import has brought some buying activities in market. Market participants reported, increase in inquiries for scrap from buyers.

Offers for scrap from Europe remained positively firm at USD 200-205/MT for shredded and USD 185-190/MT for HMS 80:20 and USD 190-195/MT for HMS 90:10, CFR India basis.

Meanwhile, offers for US shredded are assessed at USD 200-205/MT, CFR India. Few exporters were heard to even offer at USD 200/MT, CFR India for January deliveries. While, offers from Middle East rose by around USD 5-8/MT; HMS 1&2 at USD 200-205/MT and HMS 1 at USD 210-215/MT, CFR India.

Outlook

Participants expect a positive start for scrap in the upcoming year, 2016. Limited collection and increase in inquiries have kept the market sentiments positive.

Trade-wise

1. South African HMS (25 MT loading) is offered at USD 200-205/MT, CFR India.
2. Brazilian Turning and Boring is available at USD 185/MT, CFR India.
3. Japanese A-shredded scrap is offered at USD 205-208/MT, CFR India.
4. Offers for Busheling shredded scrap are assessed at USD 212-215/MT, CFR India.
5. Shredded offers to Pakistan are USD 205/MT, CFR.
6. Shredded offers to Bangladesh are in the range of USD 200-210/MT, CFR.