Trade Activities Resume in Indian Imported Scrap Market; Offers Up
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Imported scrap market to India witnessed further improvement in buying activities as buyers looked to restock post New Year holidays gap. Offers too continued the up ward trend. Not only decent trades were reported for HMS scrap from most of the major origins, but also shredded scrap buying witnessed some improvement.
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.
For HMS scrap, offers moved up while trades improved further. UAE origin HMS 1 Super (no ci gi) was sold in decent quantities at USD 310-312/MT CFR Nhava Sheva, rising by USD 5/MT on a weekly basis. Also Dubai origin P&S was sold at USD 316-317/MT CFR.
HMS 1&2 (80:20) from Europe was reportedly sold at USD 295/MT CFR Nhava Sheva, while few sellers in UK offered with premium at around USD 300-301/MT CFR. HMS 1 offers UK were assessed at around USD 305-307/MT CFR.
"We sold altogether around 10,000-15,000 MT scrap in containers this week. Trades have picked up in India after a couple of weeks", shared a scrap trader.
Earlier in the week, South African origin HMS 1 was being offered at around USD 312-315/MT CFR Nhava Sheva, however few sources reported that latter in the week offers were withheld and fresh offers from South Africa will be observed by next week.
Offers for West African HMS 1&2 (80:20) were reported at US 290-295/MT CFR Nhava Sheva and 300/MT CFR Goa, with some transactions being concluded to Goa at these levels. Some offers for Turning were reported at around USD 285/MT CFR.
SteelMint assessment for containerized Shredded from the USA and UK to India stands at USD 320-325/MT, CFR Nhava Sheva, further up by around USD 5/MT against last week.
Some of the suppliers in UK are offering Shredded scrap at USD 325/MT CFR Nhava Sheva with some sales being reported, while few USA origin offers stood lower at USD 320-322/MT CFR as buying improved after several weeks of silence for shredded scrap trades. Bids for Shredded scrap are assessed USD 5/MT lower than current offers.
Local HMS scrap in Chennai continued to rally up while offers from Mumbai were mostly stable on a weekly basis. Domestic HMS 1&2 (80:20) offers were assessed at INR 23,900/MT (USD 335) and 23,100/MT (USD 335) on ex Chennai and ex Mumbai basis respectively, observing a rise of INR 700/MT and INR 100/MT W-o-W.
