Indian Imported Scrap Prices Down; Limited Trades Reported

India's imported scrap market has exhibited bearish market sentiments this week. Following decline in Turkey imported scrap prices, offers to India have also observed a downfall, however few market participants highlighted that sharp decline in offers is less expected in near term amid recent hike in freight rate of scrap cargoes.

SteelMint’s assessment for containerized Shredded from the USA and UK stands at around USD 335-340/MT, CFR Nhava Sheva, down by USD 5/MT against the last report. Offers from suppliers were being quoted in the range USD 340/MT, CFR but hardly any major deal was reported, as buyers kept waiting for further decline in offers.

South African HMS 1&2 prices was assessed USD 330/MT, CFR. While trades in 20-21 MT containers for West African HMS 1&2 scrap reported in the range of USD 310-315/MT, CFR India, lower by USD 5-10/MT against previous week.

HMS offers from Dubai were reported around USD 330-335/MT, CFR Nhava Sheva.

Domestic scrap prices undergo sharp decline - Amid dull demand, local HMS scrap prices in all major regions have observed sharp decline on a weekly basis.

Price assessment for domestic HMS 1&2 (80:20) stands at INR 25,500/MT (USD 358), ex- Mumbai, down by INR 400/MT against the last week. Chennai based HMS (80:20) was being reported at around INR 25,100/MT, ex- Chennai, down INR 300/MT on a W-o-W basis, 18% GST extra.

Indian mill concludes a bulk scrap purchase tender - An eastern India based major steel mill (EAF based) is heard to have concluded a scrap purchase tender last week for 15,000 MT imported scrap. Out of this, 10,000 MT was HMS which was booked at price of USD 355-360/MT, CIF Vizag port and rest 5,000 MT Shredded was booked at around USD 365-370/MT, CIF Vizag port.