India: Imported scrap prices climb to one-month high in recent trades
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Imported scrap prices in India have climbed to one-month high in recent trades. Tight scrap availability in yards and low collection rates have resulted a hike in prices by around $5-10/t w-o-w. SteelMint's assessment for shredded scrap in containers of UK/EU origin stands at $318/t CFR Nhava Sheva, up by $8 w-o-w.
Confirmed trades of this week -
- A steel maker has concluded a deal for around 10,500 t of imported scrap in containers this week. The cargo comprised of 2,500 t of MS Shredded at $315/t CFR Nhava Sheva, 3000 t of MS Turning at $ 290/t CFR Vizag, and 5,000 t of busheling bundles at $340/t CFR Vizag basis.
- In another deal concluded, a decent quantity of PNS has been booked in containers at $315/t CFR Chennai basis.
- Gujarat based mill booked around 3000 t of UAE origin, HMS 1 (no ci gi) at $300/t CFR basis early this week.
Current offers for containerized scrap-
"Steelmakers are actively replenishing their scrap inventories, before the winter holidays, as scrapyards may get closed for the holidays. Also, steel prices in Indian secondary market increased this week, which supported imported scrap bookings", shared a credible scrap trader with SteelMint.
44,000 t bulk scrap cargo to arrive at Indian port- A bulk imported scrap cargo of around 44,000 t, comprising of UK origin HMS 1&2 (80:20) and shredded, is expected to arrive at western India port, as per vessel line-up provisional data maintained with SteelMint. Domestic scrap market overview - Domestic scrap prices in western India have increased further on a weekly basis due to the uptrend price of semi-finished and finished steel market. SteelMint's domestic melting scrap HMS (80:20) prices stood at INR 24,400/t in Jalna (up by INR 300 w-o-w) and INR 23,200/t in DAP Chennai (up by INR 300 w-o-w).
44,000 t bulk scrap cargo to arrive at Indian port- A bulk imported scrap cargo of around 44,000 t, comprising of UK origin HMS 1&2 (80:20) and shredded, is expected to arrive at western India port, as per vessel line-up provisional data maintained with SteelMint. Domestic scrap market overview - Domestic scrap prices in western India have increased further on a weekly basis due to the uptrend price of semi-finished and finished steel market. SteelMint's domestic melting scrap HMS (80:20) prices stood at INR 24,400/t in Jalna (up by INR 300 w-o-w) and INR 23,200/t in DAP Chennai (up by INR 300 w-o-w).
