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India: Imported Scrap Offers Move Up; Trades Dip Slightly

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Melting Scrap

BigMint Bureau

832 Reads

28 Feb 2020, 19:06 IST

India: Imported Scrap Offers Move Up; Trades Dip Slightly

Offers for Imported scrap to India continued to surge for yet another week, while buying activities in containers dipped down slightly in comparison to good trades in the previous week. Limited bookings were observed as steelmakers are wary of booking actively at prevailing higher offers, with market anticipating some price corrections at global levels in the coming weeks.

SteelMint's assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 312-315/MT CFR Nhava Sheva, rising USD 7-8/MT against last week's report. Earlier in the week, very few bookings via containers were confirmed at around USD 310/MT CFR, post which rising offers slowed trades down. Earlier today, a deal of 1500 MT of Shredded was reported at USD 313/MT CFR Nhava Sheva, while present offers from most global suppliers stand at around USD 313-317/MT CFR, however many buyers put these offers as above workable levels.

HMS trades were observed to be comparatively stronger, with Brazil origin HMS 1&2 (80:20) being sold in decent quantities at USD 292/MT CFR, while few trades of HMS 1&2 (80:20) from UK origin at around USD 290-293/MT were witnessed. Australian HMS 1&2 (80:20) offers stood in the rang of USD 290-295/MT CFR, witnessing buyer inquiries.

UAE origin HMS 1&2 (with ci gi) was sold in some quantities, at around USD 295-300/MT CFR depending on quality, while HMS 1(no ci gi) material is being Offred at up to USD 305/MT CFR. South African HMS 1 handloaded material's offers have shot up to USD 308-310/MT range, while few offers of HMS 1 from UK/Europe were heard at around USD 305/MT CFR.

"Customers are not willing to buy grades that are above USD 300/MT level amid the present domestic market, and are also hesitant because of a strong sense of an upcoming price correction early next month" Shared a trade source.

On the issue of continued container shortage impacting the global scrap trades, a prominent trading house shared "Container shortage situation has only worsened, as after US and UK/Europe containers, even Australian origin containers were heard to have been stuck at trans-shipments"

Indian mill booked bulk scrap cargo last week - A Bulk vessel was reportedly booked by a Gujarat based steelmaker from a US (west Coast) supplier, comprising of 32,000 MT Shredded for USD 310/MT CFR Kandla, for March'20.

Pakistan continues buying at increasing prices - In recently concluded deals, Pakistan steelmakers have booked containerized Shredded 211 from UK origin at up to USD 314-315/MT, CFR Port Qasim in good quantity, while prevailing offers stand at around USD 313-317/MT, CFR for regular yards and up to USD 320/MT for few premium yards. As Pakistan's buying in Jan'20 was quite slow, they are actively booking in spite of the continuously increasing offers, on restocking necessities.