India: Imported Scrap Trades Remain Slow; Expected to Pick Up Next Week

Imported scrap market in India have remained silent this week due to most global scrap yards closed on holiday vacations, with some tentative offers for next week indicating a price rise once the markets resume again from next week onwards.

Few trades of HMS from the Middle East and African origins got concluded at further increased prices, while renewed demand of scrap by mills and improved domestic steel fundamentals have given confidence to the market for rise in buying activities.

SteelMint assessment for containerized Shredded from the USA and UK to India range-bound at USD 315-320/MT, CFR Nhava Sheva, up by around USD 5/MT against last week, with most industry participants expecting fresh offers not less than USD 319-320/MT CFR from next week onwards, while the market was majorly quiet this week.

For HMS scrap, few bookings of UAE origin HMS 1 Super (no ci gi) got concluded at USD 305-310/MT CFR, sharply up by USD 8/MT on a weekly basis. HMS 1 from South Africa was sold at USD 305-306/MT CFR at the opening of the week, however new offers for South African material is expected at around USD 315/MT CFR.

Offers for UK origin HMS 1&2 (80:20) stands at around USD 292-293/MT CFR, significantly up from USD 280-285 levels in the last couple of weeks. West African HMS offers were reported at USD 295/MT earlier in the week, however a latest booking was concluded at USD 300/MT CFR Goa today.

Local scrap prices continue upsurge - Following the improvement in Billet and finished steel markets of the country, local HMS prices have continued to strengthen in the last few weeks. domestic HMS 1&2 (80:20) price for Mumbai and Chennai currently stand at INR 23000/MT (USD 320)and 23,200/MT respectively, ex plant, rising by INR 500-900/MT w-o-w.