Imported Scrap Prices Edge Down; Limited Trades Reported

SteelMint learned from market participants that Indian imported scrap market has observed limited trades at corrected prices at the beginning of the week, however, very slow trade movement witnessed over the week to have more clarity about global scrap price direction and it is expected that prices could remain steady in the near term.

SteelMint’s assessment for containerized Shredded from the UK and Europe moved down in the range USD 315-320/MT, CFR Nhava Sheva, down USD 4-5/MT on W-o-W basis. Suppliers keep quoting Shredded scrap offers at around USD 320/MT, CFR Nhava Sheva however, buyers expectation remained mostly at USD 314-315/MT, CFR.

A few trades for Containerized Shredded scrap heard concluded at around USD 314-315/MT, CFR and Turnings scrap sold in the range USD 285-290/MT, CFR Nhava Sheva.

Sheared HMS containing a minor impurity, from UK/Europe also reported to have booked at around USD 287-290/MT, CFR levels, down USD 8-10/MT on W-o-W basis.

Dubai based containerized HMS booked at around USD 308-310/MT, CFR Nhava Sheva. While offers from the Middle East for HMS remained volatile in the range of USD 310-320/MT, CFR depending on quality.

South African HMS 1&2 scrap traded at USD 318/MT, CFR down USD 10-12/MT against the last assessment at around USD 330/MT, CFR. While very limited offers heard for West African HMS 1&2 scrap this week. HMS 1&2 (80:20) from Europe and UK assessed at around USD 310-315/MT, CFR Nhava Sheva.

Indian domestic scrap prices exhibit a mixed trend on W-o-W basis - Local HMS scrap prices in all major regions have shown mixed trends on a weekly basis in India. Price assessment for HMS 1&2 (80:20) stands at INR 25,100-25,300/MT (USD 356-359), ex- Mumbai, stable on a weekly basis. Chennai based local HMS (80:20) prices stand at around INR 24,300/MT, ex- Chennai, stable W-o-W, 18% GST extra.

Ship plate prices stand at around INR 29,700-29,900/MT, ex-Alang levels for 16 mm plate today, down INR 200-300/MT against last week W-o-W.