India: Imported Scrap Prices Fall; Trades Improve

Following the Turkish price trend, imported scrap prices to India have also moved down this week. Market participants mentioned improvement in trades at reduced prices against last week.

SteelMint's assessment for containerized Shredded 211 price to India stands at USD 300/MT CFR, down by USD 8-10/MT W-o-W. Few offers were also heard at a low level of around USD 295/MT CFR.

Offers for HMS scrap too reported downward by USD 5 /MT against last week's report. HMS 1 (no ci gi) super from UAE stands at USD 295/MT CFR Nhava Sheva, while HMS 1&2 stands in the range of USD 285-290 /MT CFR from the same origin. HMS 1 from South Africa is reported at around USD 300/MT CFR. Offers from the UK for HMS 1&2 (80:20) also devalued and stood in the range of USD 285-290/MT CFR.

Few offers for P&S scrap from the UK stood at USD 310/MT, CFR India.

The global scrap market is looking up for a deal to be concluded from US to Turkey, which could set market direction further. Few Indian trade sources expect prices to remain range-bound witnessing movement of USD 5/MT from present levels.