India: Rising Imported Scrap Offers Limited Trades

?Imported scrap offers to India observed sharp upward movement this week on account of continuous global uptrend following the activities in the Turkish market this week. Few trades were reported for Mumbai and Goa markets, while many buyers stayed away on non viability of offers considering the domestic steel market's current fundamentals and cheaper alternatives in local market.

??SteelMint assessment for containerized Shredded from the UK, Europe and the USA to India climbed up to USD 300-304/MT, CFR Nhava Sheva, up by around USD 10/MT against USD 292/MT levels in last weeks report. Few deals of shredded were concluded at USD 302-303/MT for CFR Nhava Sheva this week, although domestic scrap and sponge remained a preference and made purchase of imported scrap less viable. Additionally the high availability of domestic scrap at significantly lower price levels, kept buyers away from imported scrap.

HMS scrap offers too moved up by around USD 6-7/MT this week, with trades remaining below average. Offers for HMS 1&2 (80:20) from Europe no w stand at around USD 275/MT CFR, while Australian HMS offers stood at USD 280/MT+ levels CFR. No major offers for South African material was observed this week.

UAE origin HMS 1 super (no ci gi) from Dubai was reported at around USD 280/MT CFR Nhava Sheva with few sales reported at the same price range, while HMS 1&2 (ci gi 8-10%) stood at USD 270-275/MT levels. West African HMS 1&2 (80:20) was sold in decent quantity at around USD 270-271/MT CFR Goa earlier in the week, while offers now stand at USD 275/MT CFR Goa for 23 T average loading.

Pakistan - Trades to Pakistan continued at similar price range, with some bookings of shredded scrap in containers being reported at USD 302-303/MT CFR Qasim, mostly from UK based suppliers.