India: BigMint zooms in on key ferrous, non-ferrous scrap market trends at MRAI's flagship conference

MRAI's 12th International Conference in Jaipur, hosting over 3,000 delegates and 200+ exhibitors, created a platform for greater market interaction.

On day 2 and 3 of the conference, BigMint continued to gather insights into recent market trends across the ferrous and non-ferrous scrap segments.

Ferrous scrap

Turkiye & India bulk market

In the past seven days, around seven-eight deals have been concluded for Turkiye, with four deals from the US and the rest from the EU and UK. Deal prices for HMS ranged from $340-349/t, while shredded, bonus and PNS priced between $362.5-369/t CFR Turkiye.

As per market participants, by 31 January, Turkish mills booked around 32-33 bulk scrap cargoes this month, rebounding from just 20-22 vessels in December, which saw a slowdown due to holiday-related disruptions in the latter half of the month.

Meanwhile, bulk scrap offers into India were at $375/t for shredded and HMS (-10); so mixed materials are being offered around 370-372/t CFR Kandla. Buyer inquiries are 364-365/t for the same.

Containerised scrap trades

India

• Approximately 500 t of HMS (80:20) (24t loading) from the Caribbean region was sold at $355/t CFR Mundra.
  
  
• Around 700 t of Brazil-origin busheling was sold at $385/t CFR Mundra.
  
  
• A shipment of 1,000 t of HMS 80:20 from Malaysia was booked at $360/t CFR West Coast India.
  
  

Market commentary

Offers for the US and EU material are as follows: HMS (80:20) is being offered at $355-358/t, while HMS (90:10) is priced at $365-366/t. Shredded scrap offers are at $375/t levels.

Indian buyers are showing minimal interest in procuring imported scrap amid the current market conditions. The market is already under pressure, and with domestic scrap available at more competitive prices, the demand for imports has further weakened.

Bangladesh

For Bangladesh, a couple of containerised deals were concluded.

• 1,000 t of Hong Kong PNS was sold at $390/t CFR Chattogram
  
  
• 1,500 t of UAE-origin Heavy PNS and Fabrication was sold at $390/t CFR Chattogram
  
  

Market commentary

"The market is likely to stay slow until March, but some recovery can be seen afterward," noted a trader.

"HMS bulk bids are hovering around $350-355/t, while shredded bulk is in the range of $360-365/t," said a market participant.

"Rebar prices are currently at BDT 85,000-87,000/t, and shipyard scrap stands at BDT 55,000/t," another source added.

"The Bangladeshi market is showing positive momentum, possibly due to Ramadan, but whether this trend will sustain remains to be seen," commented an industry expert.

Pakistan

Suppliers are quoting European shredded at over $385/t, while buyers are focused on prime materials from Stena and EMR.

• A 2,000 t lot of 210-211 mix (HMS equivalent) from the EU was sold at $350/t CFR Qasim, while 1,000 t of shredded scrap was bought from Europe at $385/t CFR Qasim.
  
  

India: Stainless steel scrap trades CFR Mundra

SS 304: $1,285-1,295/t

• Last deal at $1,295/t from the Middle East (100 t).
  
  

SS 430: $570-580/t

• Last deal at $575/t from the Middle East (75 t).
  
  

SS 201: $700/t

• Last deal at $700/t from the Middle East (50 t).
  
  

Deals for imports are being heard, but they remain inconsistent. SS imported scrap prices have decreased this week, reflecting the weak drop in LME levels. Additionally, demand for finished products remains sluggish. Market participants are waiting for the Budget hoping for signs of demand improvement.

Non-ferrous scrap trades

• Nearly 25 t of Middle East Tense (8-9%) sold at $1,830/t, CFR Nhava Sheva.
  
  
• Close to 50 t of China Silicon 553 sold at $1,520/t, CFR Mundra.
  
  
• Roughly 50 t of China Silicon 853 sold at $1,500/t, CFR Mundra.
  
  
• About 25-30 t of US Zinc Diecast (1-2%) sold at $2,190/t, CFR Nhava Sheva.
  
  
• An estimated 100 t of Wheels UK sold at LME minus $185/t.
  
  
• Some 25 t of Meatballs (19-20%) from Australia sold at $1,700/t, CIF Chennai.
  
  
• Roughly 100 t of Copper Druid Scrap (High Grade) from Australia traded at 94.5%, CIF Chennai.
  
  
• Nearly 100 t of Copper Druid Scrap (Low Grade) from Australia traded at 89%, CIF Chennai.
  
  
• Close to 100 t of Zorba from Australia sold at $2,100/t, CIF Hong Kong.
  
  
• Around 40 t of Copper medium motors sold at $1150/t from USA to CFR West Coast India.
  
  

Market commentary

In the current market, US Talk is at 54% 3M, with US TT around $2,060/t, while US Tense is at $1860/t. Middle East Tense is slightly lower, priced at $1,810/t. UK Wheels offers are around $2,040/t, with bids reaching $2,370-2,380/t. UK Zorba is being quoted at $2050/t, and Si 553 is priced at $1530/t.

The market indicates stable but cautious conditions.

Semi-finished

Approximately 150 t of copper ingot from Hyderabad was sold at 97.05% 3M LME, CFR China.