Indian Imported Scrap Prices Move Up Following Global Price Hike

Following a jump in global scrap prices, imported scrap offers to India also moved up. Suppliers remained optimistic about high prices amid tight availability and decent demand from Turkish steel mills.

The market continued picking up slowly over the week while few participants were waiting to observe an impact of the Budget on the local market by the next week.

SteelMint's assessment for containerized Shredded from the USA and UK stands at around USD 335/MT, CFR Nhava Sheva, up USD 10-15/MT against the last weeks' report of USD 320-325/MT, CFR.

In recent trades heard, containerized Shredded scrap was sold at around USD 330-332/MT, CFR from Europe and UK origin. However, few buyers stood looking for Shredded scrap mostly at around USD 328-330/MT, CFR resulting in limited working this week.

Indications for Shredded in bulk cargoes lifted to the levels USD 335-340/MT, CFR Nhava Sheva.

Dubai based containerized HMS 1 assessed at around USD 320-325/MT, CFR Nhava Sheva. While limited trades from the Middle East HMS heard in the range of USD 320-325/MT, CFR depending on quality.

Offers for HMS 1&2 (80:20) and P&S scrap from Europe and UK assessed at around USD 315/MT and USD 345/MT, CFR respectively. Offers for Turning scrap heard at around USD 300/MT, CFR Nhava Sheva, Up USD 10/MT on a W-o-W basis.

Minor quantity trades of West African HMS 1&2 scrap reported in the range of USD 302-312/MT, CFR India.

Domestic scrap prices maintain stability amid limited activities - Local HMS scrap prices in all major regions have recovered recently after downward correction maintaining stability on a weekly basis.

Price assessment for HMS 1&2 (80:20) stands at INR 25,000-25,200/MT (USD 351-354), ex- Mumbai, unchanged against the last week. Chennai based local HMS (80:20) prices stand at around INR 24,500/MT, ex- Chennai, up INR 200/MT on W-o-W basis, 18% GST extra.

In Kandla, domestic HMS (80:20) price has recovered back to INR 25,600/MT levels today after falling INR 300-500/MT during the mid-week.

Ship plate prices were hovering over the week and stand at around INR 30,000-30,100/MT, ex-Alang levels today for 16 mm plate, same as against the last week. Alang's Shipbreaking market remained in 'wait and watch' mode with declining sentiments leading to volatile in local ship plate prices.