India: Imported scrap prices hit over one-year high; trades improve
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Indian imported scrap prices have rallied further on a weekly basis, following Turkish price trend. Imported scrap prices in India have hit over one-year high. SteelMint's assessment for Shredded scrap in containers stand at $325/t CFR Nhava Sheva, however, few offers were reported at $330/t CFR levels as well. Trades have picked up this week as deals have been reported both in western and southern India.
Confirmed trades -
- 4,500 t of MS shredded from different origins (UK, US & Australia) has been booked in containers at around $320/t CFR Nhava Sheva early this week.
- 3,250 t of MS turning at around $288/t CFR level.
- While 3,500 t of busheling bundles at around $340/t CFR basis.
- Chennai based units booked 3,500 t of HMS from South Africa and Europe in containers at $305/t CFR level.
Post-hike in Turkish prices, Indian buyers have turned cautious in placing new bookings, shared a trade source.
Recent imported scrap offers for India
Sponge iron prices are likely to remain supported on the back of hike in iron ore prices. NMDC has increased iron ore prices by INR 300-340/t for Sept'20. Iron ore prices in India have rallied on the back of supply tightness in Odisha as most of the auctioned mines are yet to resume production.
Domestic scrap prices -
Domestic scrap prices in western India (Jalna) up by INR 600 over a week and currently stands at INR 23,800/t against INR 23,200/t reported in last week.
