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India: Imported scrap prices rise further in recent trades

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Melting Scrap

BigMint Bureau

799 Reads

30 Oct 2020, 19:27 IST

India: Imported scrap prices rise further in recent trades

Imported scrap offers moved up further, following a global price trend. While tight scrap availability remained the major issue behind price uptrend due to low scrap generation due to pandemic. Major scrap supplier countries are now entering into another lockdown phase, as many countries facing problems due to second wave of COVID-19 pandemic.

SteelMint's assessment for shredded scrap in containers of UK/EU origin stands at $323/t CFR Nhava Sheva, up by $5 w-o-w, while prices have surged up by $13 as compared to the beginning of the month.

Confirmed trades of this week -

A major Indian mill has booked around 2,500 t of MS turning scrap in containers from UK and Germany recently, sources reported SteelMint. The deal was concluded at $290/t CFR Mundra basis.
In another deal concluded, a decent quantity of Europe origin NTP (new tin plate) has been bought by Chennai based steelmaker at $325/t Chennai basis.
Dubai origin HMS 1&2 (80:20) has been booked at $305/t CFR by Punjab based steelmaker, early this week.

Current imported scrap offers-

"Suppliers are now holding back from lowering imported scrap offers anticipating further hike in coming weeks, considering active restocking ahead winters" shared a trader with SteelMint. Currently, we are dealing more with Pakistani scrap buyers as we are fetching better prices there, he added.

Sharp hike in sponge prices - Imported scrap offers and inquiries in India will remain supported on the back of the recent hike in sponge prices, a market participant from a scrap trading company highlighted. The price for domestic sponge iron has also increased over a week, SteelMint assessment for sponge iron for Raipur central India stands at INR 22,700/t exw, up by INR 1,000 w-o-w.

Domestic scrap market overview: Domestic scrap prices in western India have increased slightly on a weekly basis, owing to the uptrend in prices of other substitute products (sponge iron) along with a price hike in finished steel. SteelMint's domestic melting scrap HMS (80:20) prices stood at INR 24,600/t in Jalna (up by INR 200 w-o-w) and INR 23,500/t in DAP Chennai (up by INR 300 w-o-w). Prices are expected to remain range-bound in near term, sources have shared with SteelMint.