Indian Imported Scrap Market Observes Limited Trades
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Disparity between bids & offers, kept imported scrap trades on the lower side in India this week.
SteelMint learned from market participants that price stability in the imported scrap market has extended for yet another week in India. Suppliers have slightly raised offers following the recent jump in Turkish prices, however bids from buyers continued to remain on lower than quoted offers. Many of them believe that global scrap prices likely see upward pressure on the limited availability of stocks.
SteelMint's assessment for containerized Shredded from the Europe and USA stand in the range USD 325/MT, CFR Nhava Sheva, stable on W-o-W basis.
Shredded scrap from UK and US is being offered at USD 325/MT, CFR however, buyers bid stand mostly around USD 320/MT, CFR so not much working witnessed again this week.
Shredded scrap expectations in bulk cargoes lifted to the levels USD 325-330/MT, CFR Nhava Sheva.
Dubai based containerized HMS 1 is being offered at around USD 318-320/MT, CFR Nhava Sheva. While limited trades from the Middle East HMS heard at around USD 315/MT, CFR depending on quality.
Offers for HMS 1&2 (80:20) from Europe and UK assessed at around USD 305-310/MT, CFR Nhava Sheva, stable on W-o-W basis.
West African HMS 1&2 scrap traded in limited quantity at around USD 300-305/MT, CFR.
Domestic scrap prices show upturn after maintaining stability last week - Local HMS scrap prices in all major regions have slightly rebounded back on supportive local fundamentals on a weekly basis in India. Price assessment for HMS 1&2 (80:20) stands at INR 25,000-25,200/MT (USD 349-352), ex- Mumbai, up INR 200-300/MT against last week. Chennai based local HMS (80:20) prices stand at around INR 24,300/MT, ex- Chennai, stable W-o-W, 18% GST extra. In Kandla, domestic HMS (80:20) have increased by INR 500/MT W-o-W to INR 25,800/MT.
Ship plate prices recovered back by around INR 400-500/MT over the week to INR 30,400-30,500/MT, ex-Alang levels today for 16 mm plate.
