Imported scrap offers to India have come down by USD 10/MT W-o-W, however local scrap being cheaper continues to remain a preference.
As per recent conversations with market participants SteelMint learned that, imported ferrous scrap market has continued to remain less active this week and offers have fallen down over the weak market sentiments.
As per assessment offers for HMS 1&2 (80:20) in containers for Dubai origin stood at USD 305/MT, CFR Nhava Sheva down by USD 10 than last week’s assessment.
Offers for Shredded scrap also dropped in this week and now assessed at USD 335/MT, CFR Nhava Sheva.
“Imported ferrous scrap offers from other origins remain non-workable owing to high prices and longer transit time. No fresh bookings confirmed in the bulk cargoes however thin quantities up to 500-1000 MT remained traded in containers trough few deals carried out.”– a west India based scrap trader highlighted.
The fall in the imported scrap offers in India reflects lowered prices in Turkey market as well as weakening bids from Indian steel mills.
“Domestic scrap is offered in the range of INR 20,000-21,000/MT (GST extra) at the prime domestic markets in India which is still cheaper than imported scrap and hence remained preferred”-a participant said.
Currently HMS (80:20) in Mumbai is assessed at INR 20,900/MT and that in Chennai is around INR 19,500-20,000/MT (Basic prices, GST @ 18% extra).
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