India: Tight Scrap Availability Push Offers Up; Trades Silent

Imported scrap trades to India remained silent this week, while offers moved up on recent global surge. Some buying interest was observed from mills however the bids remained significantly lower than the increased offers. It is being anticipated that there will be a severe shortage of ferrous scrap in the coming months, thus contributing to the price rise.

SteelMint's assessment for Shredded scrap to India from North America and Europe stands at USD 265-270/MT CFR Nhava Sheva, up by USD 25/MT against last week, with some offers from USA being reported, while UK offers remained limited due to strict lockdown measures.

Unlike last week, some buyers expressed interest to secure some bookings so that there is no material shortage in June once the normal operations resume, although most bids were observed to be very low at USD 255/MT level for Shredded, thus no trade getting concluded recently.

No HMS offers were reported from any origin and neither any inquiries for the same were witnessed. Some trade sources mentioned that until lockdown is lifted and old shipment is cleared, new bookings are less likely to get concluded.