India: Imported Scrap Offers Inch Down; Limited Deals Reported
...
SteelMint learned from industry participants that containerized scrap offers to South Asia have remained rangebound amid slow demand. Indian market observed few trades amid improvement in demand after the election's outcome, however, Pakistan and Bangladesh trades remained subdued on upcoming Eid holidays mood.
Turkey scrap prices have shown correction in deals concluded from the Baltic origin towards the closing of the week keeping global sentiments under pressure.
Indian imported scrap prices range-bound in recent deals - SteelMint's assessment for containerized Shredded from Europe, UK and US stand in the range USD 330-333/MT, CFR Nhava Sheva, slightly down by USD 2-3/MT against last week's report. Decent quantities of Shredded has been booked in this price range however, few scrap suppliers were not ready to lower offers further resulting in limited trades. Few leading suppliers are offering Shredded at around USD 335/MT, CFR Nhava Sheva and USD 340/MT, CFR Vizag.
South African HMS 1&2 offers stand in the range of USD 330-335/MT, CFR. Few offers of Dubai origin HMS 1&2 scrap were heard in the range of USD 325-327/MT as per quality amid limited supply on ongoing Ramadan month.
Few trades for West African origin containerized HMS were reported in the range of USD 310-315/MT, CFR India with limited trades reported at USD 312-314/MT, CFR Goa and Chennai. Sponge Iron prices remained competitive while few steelmakers were working on production cuts to manage supply-demand in the market. Limited buying interest was reported with subdued demand in the market amid issues of labor shortage on extreme summer conditions in most of the regions in the country.
Tata Steel cancels 10,000 MT imported scrap tender - As per sources, around two weeks ago, Tata Steel had canceled 10,000 MT imported scrap tender amid disparity in bids and expectations, the company had received lowest bids at USD 326/MT for Shredded and HMS at around USD 320/MT, CFR Vizag.
Domestic scrap prices showed a mixed trend with an assessment of local HMS 1&2 (80:20) has marginally increased by INR 100/MT on weekly basis to INR 23,600-23,900/MT (USD 338-343, ex-Chennai while stands at INR 24,700-24,900/MT (USD 353-357), ex- Mumbai. USD/INR exchange rate stands at 69.7 levels today against 69.9 levels a week back.
Pakistan to turn silent on Eid holidays - On upcoming Eid holidays for almost a weeks' period, scrap activities in Pakistan, Bangladesh, Turkey and Dubai likely to almost close down resulting in sentiments to remain dull.
Pakistan's currency PKR has continued appreciation over this week as it recovered to levels of 146 against USD. However, no major impact on steel prices witnessed yet.
SteelMint's assessment for containerized Shredded stands at USD 330/MT, CFR Qasim, Few recyclers were offering at USD 335/MT, CFR Qasim and traders remain offering mostly in the range USD 330-332/MT, CFR.
Bangladesh buying interest remains subdued - SteelMint's assessment for containerized Shredded stands from UK at USD 345-350/MT, CFR and HMS from South America at around USD 330-335/MT, CFR Chittagong.
