Indian Imported Scrap Trades Remain Slow Despite Fall in Offers

Imported scrap offers to India witnessed a sharp fall this week by around USD 10/MT. However, very less buying interest was observed from buyers' side due to dull finish steel trades and less demand amid approaching Holi holidays. Most of the buyers and steelmakers opted to stay away from the market from now onwards and looking for clear price direction after the Holi holidays.

SteelMint's price assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 305-307/MT CFR Nhava Sheva, down by around USD 10/MT against last week's report.

HMS offers too moved down by around USD 8-10/MT, based on origin. Offers for HMS 1& 2 (80:20) from UK and Australian origin is being offered at USD 280/MT, CFR India and USD 285/MT respectively. Few bookings for Australian origin HMS 1 & 2 (80:20) were reported at USD 285/MT CFR Nhava Sheva.

Offers of UAE origin HMS 1 stands at USD 295-300/MT CFR, fall against last week's report, while HMS 1&2 from the same origin reported at USD 285/MT CFR. However, limited bookings were observed at these levels. Offers from South Africa HMS 1 is being reported at USD 295/MT CFR, and West African origin HMS stands at USD 270/MT, CFR however no significant trades were reported.