Indian imported scrap offers move up, trades remain subdued

Imported scrap offers to India moved up this week, following the strong trend at global level, while some inquiries were heard from buyers in West and South India, but after the few bookings reported last week, no major fresh trades have concluded in the recent days.

SteelMint's assessment for Shredded 211 scrap from North America and Europe origins to India, stands in the range of USD 286-290/MT CFR Nhava Sheva, up by USD 10/MT against last week. However, most buyers are less interested in procuring imported Shredded due to high offers, and majorly inquiring about HMS grades.

HMS 1 from South Africa was last week sold to Nhava Sheva and Mundra at USD 265/MT in 3-4 different deals, however this week, the fresh offers for the same are at least USD 275/MT CFR Nhava Sheva, with some sources putting it even higher. Although no offers from South Africa were lesser this week. HMS 1&2 (80:20) from UK are being offered at USD 265/MT CFR.

Other offers included West African HMS 1&2 (80:20) to Goa at around USD 245/MT CFR, while few offers for European origin Turning were recorded at around USD 236-240/MT CFR

"After last week's deals, barely any major trade this week, however buyers in Mundra and also Maharashtra region are actively inquiring for HMS and fresh bookings likely very soon." shared a prominent trading house from Mumbai.

"Suppliers are mainly busy clearing previous deals and pending deliveries, many of which were postponed during lockdown now that mills have resumed again, while fresh trades yet to pick up actively" shared another major trader in the region.

Few sources on the buyers side confided that now having cleared most of their pending stock which was piled up at ports, they are resuming the previous old bookings, which were cancelled/ put on hold when the lock down begin in March'20, and mentioned that most mills should be in the market for July shipment fresh orders.