India: Imported Scrap Trade Activities Improve; Prices Fall Marginally
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This week imported ferrous scrap market in India has observed improved trade activities and increase in inquiries unlike last 3-4 weeks. Imported Shredded scrap offers to India in containers fro US and UK origin were assessed at USD 385-387/MT, CFR Nhava this week.
Offers have moved down by USD 5-10/MT W-o-W as last week the assessment was at USD 388-393/MT, CFR basis.
Market participants highlighted that although no aggressive buying in imported scrap market has been this week but trades have improved comparatively. Offers for Shredded scrap in bulk is heard at USD 390-395/MT, CFR, however no bookings were reported.
Price assessment for Dubai origin HMS is at USD 372-375/MT, CFR Nhava Sheva this week against last week's assessment of USD 375/MT, CFR.
Indian Domestic Scrap price scenario, week 15
Domestic scrap prices in India kept fluctuating across regions on W-o-W basis. Currently, HMS (80:20) prices in Mumbai are assessed in the range of INR 26,000-26,200/MT and in Chennai assessed at INR 25,700-25,900/MT (Basic prices, GST @ 18% extra).
Pakistan - Imported scrap trades improve amid increase in semi-finished steel prices
Towards the weekend Pakistan based market participants highlighted improved scrap buying interest amid increase in domestic billet prices.
Imported Shredded scrap offers are at USD 385-387/MT, CFR however few buyers are looking for USD 382-384/MT levels. Buying interest for HMS is at USD 375/MT.Pakistan billet prices increased slightly and is expected to improve further. Continuous cast Billet is being offered at PKR 77-78,000/MT and Commercial billet is at PKR 71-72000/MT, Ex plant.
Bangladesh scrap importers keep looking for lower offers
Imported scrap market in Bangladesh remained silent this week. Shredded scrap offers in containers were heard in the range of USD 395-400/MT, CFR.
HMS 1 scrap offers were heard at USD 385/MT, CFR Chittagong while buyers kept looking for levels of USD 375/MT. Amid disparity in offers and buying interest expectations, not much deals were reported this week.
