India: Imported Scrap Offers Rise Following Turkey Uptrend

Imported scrap offers to South Asia moved up considerably this week, after the Turkish rebound in prices got reflected in the South Asian markets, SteelMint learned from industry participants. Also, few sources mentioned tight supply as one of the factors behind price hike.

SteelMint's assessment for containerized Shredded from the UK, Europe and USA to India stands at USD 260-265/MT, CFR Nhava Sheva, increasing by USD 3-4/MT against last week's report.

A prominent trader sold around 3,000 MT of Shredded scrap in containers at around USD 260/MT CFR India in the last few days, however overall, trades remained limited at higher offers. Few yards in Europe are now offering at USD 263-265/MT, CFR.

HMS scrap prices too climbed up in the last few days, with HMS 1 from Dubai is now being offered at around USD 260/MT CFR while few offers for Dubai origin HMS (Sarya) stood at 265/MT CFR.

European origin HMS 1&2 (80:20)offers has now increased to USD 245/MT CFR Nhava Sheva, however, very limited activity for European HMS has been witnessed in the recent weeks.

Higher quality South African HMS offers were heard at around USD 260/MT CFR, even as buyers' bids were reported to be not more than USD 255/MT. West African HMS witnessed fresh trades at USD 250/MT CFR Goa, which translates to USD 240-245/MT CFR Nhava Sheva.

Offers to Pakistan follow the uptrend - In line with the global trend, imported scrap offers to Pakistan rose sharply in the last couple of days. It was reported that Shredded scrap offers in containers from both traders and scrap yards in Europe now stand at USD 260-265/MT CFR Qasim, while buying activity has slowed down consequently for the time being, in comparison to the active trades in the last 2-3 weeks.