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Imported Scrap Offers to India Drop Marginally; Bookings Subdued

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Melting Scrap

BigMint Bureau

451 Reads

27 Oct 2017, 18:28 IST

Imported Scrap Offers to India Drop Marginally; Bookings Subdued

Trade activities in imported scrap market remained dull this week after a bulk deal was reported last week. Imported scrap offers to India dropped this week for HMS by USD 10-15/MT, Offers remained almost stable for Shredded scrap W-o-W.

As per recent conversations with market participants SteelMint learned that, this week imported scrap offers in India have seen downward corrections despite of which market remained less active. Though offers are down slightly, amid strong global sentiments these imported ferrous scrap offers are expected to remain stable or to pull up again.

Offers for Shredded scrap now assessed in the range of USD 320-330/MT, CFR Nhava Sheva for both UK and Europe origins. A source shared that few deals for Shredded scrap in containers have reported at USD 320/MT, CFR Nhava Sheva.

Latest assessment for HMS 1&2 (80:20) in containers for Dubai origin is down below the level of USD 300/MT, CFR Nhava Sheva and Offers remained hovering in the range of USD 285-300/MT, CFR Nhava Sheva. These offers are decreased by USD 10-15 than last week's assessment which was around USD 300-305/MT, CFR Nhava Sheva.

HMS 1&2 (80:20) from other major origins like Australia and USA assessed slightly up at USD 305-310/MT, CFR Nhava Sheva. Offers for Turnings heard at USD 280-285/MT levels.

"A week ago a major stainless steel manufacturer in India was heard to have brought 10,000 MT of shredded scrap at USD 320/MT, CFR levels but no major bulk trade is reported yet."- A market participant shared with SteelMint.

A trader source shared that global scrap market is witnessing gain in restocking activities ahead of upcoming winter. Which indicates less chances for further drop in offers.

Domestic scrap prices are quite stable in the workable range and thus preferred higher over imported scrap by most of the importers based in India.

Currently, HMS (80:20) in Mumbai is assessed at INR 20,700/MT and that in Chennai is around INR 20,500-20,700/MT (Basic prices, GST @ 18% extra).