India: Imported scrap trades slow down amid increasing offers

Imported scrap offers to India moved up sharply by around $10-15 this week after remaining stable for almost two weeks. Thin trades were reported throughout the week. Most of the buyers opted to stay away from the market considering fluctuations in finished steel prices, traders highlighted.

SteelMint's assessment for containerized Shredded 211 from UK/Europe surged to $308-310/t CFR Nhava Sheva, rising by around $15/t as compared to last week's closing.

1. Offers for HMS too increased on a weekly basis. However, the buyers are more likely interested in domestic scrap and sponge iron. HMS 1&2 (80:20) from UK and Middle East is being offered at around $270-275/t CFR Chennai, depending on the quality of the material. UK HMS (80:20) offers were heard at $275-280/t CFR Nhava Sheva.
   
   
2. Offers for HMS 1&2 (80:20) from West African origin being reported at $262-265/t CFR to Goa, increasing sharply by $ 8-10/t against last week's report. While buyers price idea now stands at $255/t CFR basis.
   
   
3. Other grades in the market included cast iron scrap from West Africa quoted at around $280-285/t CFR Goa basis, while the buyers are bidding at $275/t CFR level. Offers for turning scrap from Middle East and UK origin also reported this week at $245/t CFR Chennai.
   
   

Imported scrap offers to Pakistan rise further

Pakistani scrap market remained active throughout the week. Some trades were witnessed in last two days, with shredded 211 scrap deals getting concluded at $303-305/t CFR Qasim from UK/Europe.

Fresh offers for Shredded reported at $307-310/t CFR from Europe. Few offers from USA also reported at $300/t CFR basis.

Notably, offers for Dubai origin P&S are heard at $295-300/t CFR Qasim.