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Indian Imported Scrap Offers Decline; Trades Pick Up

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Melting Scrap

BigMint Bureau

736 Reads

31 Jan 2020, 18:51 IST

Indian Imported Scrap Offers Decline; Trades Pick Up

Imported scrap offers to India moved down, following global downtrend. Buying activities picked up some momentum with both shredded and HMS bookings getting concluded. However, there is still some caution from the buyers' side regarding instability in the offers, especially with the uncertainty on the impact from Chinese market' amid corona-virus risk.

SteelMint's assessment for containerized Shredded 211 from North America and Europe to India now stands at USD 290-294/MT CFR, down by USD 6-8/MT W-o-W, against USD 295-299/MT last week. Few bookings for Shredded were reported to Nhava Sheva and Mundra at USD 291-293/MT CFR in the last couple of days, while inquiries from buyers have increased in comparison to previous weeks.

Dubai origin HMS 1 super (no ci gi) is being offered at around USD 282-284/MT CFR, while HMS 1&2 bookings were reported at around USD 272-275/MT CFR. West African HMS to Goa was reported to be offered at USD 283/MT CFR Goa today, however bids from mills in Goa stood at around USD 275/MT CFR which prevented trades getting concluded in the last couple of days.

UK HMS 1&2 (80:20) offers too plunged and are currently being offered at around USD 275-278/MT CFR, while South African origin HMS 1 (hand-loaded) offers are now down to USD 290/MT CFR, amid few bookings.

According to sources, inventory position of scrap with most mills is above average, with active bookings during Dec'19-last week and Jan'20-1st week being shipped shortly, however given the Chinese market's uncertainty on corona-virus threat, buyers look to secure material before any potential Chinese production cuts in future leads to any drastic change in prices.

Pakistan imported scrap prices fall in recent deals - After remaining range-bound for over last week, offers for shredded 211 scrap from UK/Europe has dropped to USD 290/MT CFR Qasim levels with bookings being concluded at this level today. Prices have come down by USD 3-5/MT against beginning of this week. In the last few days, trades for Shredded have closed at USD 290-292/MT CFR.