Imported scrap trades in India slow down on falling finished steel prices
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Indian imported scrap trades have slowed down this week after a recent decline in steel prices in the secondary market. Buyers have adopted 'wait & watch' approach resulting in moderate trades this week, shared trade sources with SteelMint. However, offers have remained majorly range bound. SteelMint's assessment for shredded 211 from UK/Europe in containers stands at around $313/t CFR Nhava Sheva, down by $2 w-o-w.
Confirmed trades
- India's major stainless steel producer has booked 4,000 t M S turning from Europe in containers at $274/t, CFR Nhava Sheva.
- In another deal, Australian HMS 1&2 (80:20) in containers was sold at $300/t CFR basis.
Imported scrap offers for India (14th Aug-21st Aug)
Factors leading to limited imported scrap trades
- This week, domestic finished steel prices have fallen due to limited trades amid monsoons. Rebar price assessment of SteelMint stands at INR 34,000/t exw Jalna, down by INR 1,000/t against last week. Domestic scrap price in Jalna stands at INR 22,900/t DAP, down by INR 900/t against last week.
- Currently, imported scrap offers are high, buyers would wait for more clarity, SteelMint learnt from market insiders.
- Upcoming Ganesha festival and Muharram/Ashura could be another factor for slowing down trade activities.
Pakistan imported scrap market overview
- Imported shredded scrap to Pakistan is being offered in the range of $308-310/t CFR level, whereas buyers bid stands at $304-305/t CFR basis.
- However, limited trades were reported at this level as suppliers are revisiting too accept those bid price.
- Dubai origin HMS 1&2 (80:20) is being sold at $300/t CFR Qasim.
- Offers for HMS 1 and P&S from Dubai stands at $310/t level.
