Indian Imported Scrap Offers Up; Limited Trades Reported
...
Imported scrap Offers to India moved up this week following the upsurge in the global prices, in line with the overall uptrend in all south Asian markets this week, SteelMint learnt from Market participants.
Buying activities showed a slight improvement in comparison to the previous 2 weeks, with few bookings being concluded, while the market expects that with just one week to go before the European and North American yards close for winter holidays, trades can further pick up in the coming days.
SteelMint's assessment for containerized Shredded from the UK, Europe and the USA to India climbed up to USD 290-292/MT, CFR Nhava Sheva, against around USD 285/MT levels in last weeks report. Few deals of shredded were concluded at USD 290-291/MT for CFR Nhava Sheva and CFR Mundra in the recent days, however, on an overall basis the buyers kept away on weak steel sales, production cuts keeping scrap demand low, cheaper local scrap alternatives as well as no immediate restocking necessities due to shipments from numerous bookings in Oct'19 at lower prices, now arriving.
HMS scrap offers slightly inched up with few deals being concluded. HMS 1 from South African was sold in decent quantity at around USD 275/MT CFR Nhava Sheva, while another deal of South African origin was also reported at USD 280/MT CFR. Offers for HMS 1&2 (80:20) from Europe being offered at around USD 267-270/MT CFR with few sellers demanding as high as USD 275/MT even as no buyers interest observed at these levels.
UAE origin HMS 1 super (no ci gi) from Dubai was reported at around USD 280/MT CFR Nhava Sheva. while HMS with ci & gi stood at around USD 270/MT CFR. West African HMS 1&2 (80:20) is now being offered at around USD 270/MT CFR Goa, with few sales at USD 267-268/MT reported earlier in the week.
Offers to Pakistan also stand in the similar range, with few bookings of shredded scrap at USD 290/MT getting concluded this, from suppliers in the UK, as buying interest from mills in Pakistan, although slow is relatively better than its Indian counterparts.
