India: Imported scrap market remains dull on bid-offer disparity

Imported scrap trades in India remained slow for yet another week. Buyers continued to remain on side-lines and preferred to go with domestic substitutes of domestic scrap & sponge iron, SteelMint learned from trade sources.

"There is no demand from Indian buyers of imported scrap at ongoing offers. However, with Turkish prices moving up by $5 w-o-w, offers have remained on the higher side", quoted a source.

• SteelMint's assessment for containerised shredded of UK/US origin remains unchanged at $470/t CFR Nhava Sheva level. However, no trades were reported.
  
  
• HMS 1 from UAE is being offered at $430-435/t CFR level. Last week saw some trades of Shredded and HMS. A Gujarat based steel maker booked around 4,000t of Dubai HMS 1 at $420/t CFR
  
  

Domestic scrap prices soar: Limited scrap availability in the domestic market on the back of limited imported scrap bookings along with rising semi-finished steel prices led to a hike in domestic melting scrap prices, trade associates reported to SteelMint. SteelMint's assessment for HMS in Western India stands at INR 29,600/t DAP Mumbai, up by INR 800/t w-o-w, and at INR 29,700/t DAP Jalna level, up by INR 1300/t w-o-w.

Rebar prices remain high despite limited buying: India's induction grade rebar market witnessed limited buying inquiries, as traders were cautious to book a hefty volume at current prices. As per trade sources, rising melting scrap prices in the global market and limited availability in the domestic market likely to keep rebar prices range-bound in the near term. SteelMint's assessment for Rebar (IF grade) in Western India stands at INR 46,200/t exw Mumbai (up by INR 1,300/t w-o-w).