India: Imported Ferrous Scrap Offers Rise Further Despite Thin Trades

Imported scrap offers to India raised this week for Shredded and HMS by USD 10-15/MT W-o-W, Few trades for Shredded scrap booked at USD 320/MT levels

As per recent conversations with market participants SteelMint learned that, this week importers in India returned with few thin trade deals in imported ferrous scrap market after a long wait.Though offers elevated up this week but are less likely to move up further sharply.

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 up at the level of USD 300/MT, CFR Nhava Sheva and Offers for other major origins assessed slightly above USD 300/MT, CFR Nhava Sheva. These offers are increased by USD 10-15 than last week's assessment which was around USD 285-290/MT, CFR Nhava Sheva.

"Few fresh deals of shredded scrap have been done at USD 320/MT levels but no major bulk trade is reported yet.In containers too, not many deals have been reported. Buying interest is yet to pick up"- a market participant shared with SteelMint.

A trader source earlier shared that amid rising global scrap prices and increasing trade deals for imported scrap in Turkey and Pakistan markets, Indian prices would have increased further.

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 20,000/MT and that in Chennai is around INR 20,700/MT (Basic prices, GST @ 18% extra).