28,260 MT Bulk Ferrous Scrap Import Vessel to Arrive at Indian Port
After a gap of almost 2-months, a bulk scrap import vessel is expected to arrive at an Indian port. As per vessel line up data maintained with SteelMint, a bulk scrap import vessel named 'Orhan' is expected to arrive from the USA at Kandla port on 01st Apr'19
According to market participants report to SteelMint, the vessel has been booked by Gujarat based steel mills at around USD 325/MT, CFR.
Also, another vessel of 30,000 MT is expected to arrive by the end of Apr'19.
Prior to this, India imported a bulk scrap import vessel of 50,000 MT in Feb'19.
India imported 4.72 MnT ferrous scrap in FY19 (till Jan'19). India imported 4.53 MnT ferrous scrap in FY18 and major sources of imports were UAE, USA and UK.
Current market overview - Indian imported scrap market observes lackluster activities on upcoming election - India's Imported scrap activities remained limited on limited cash flow amid financial year closing and the upcoming election. Domestic steel sentiments remain volatile on fluctuating INR against USD.
Scrap offers edged up marginally W-o-W on tight supply situation and pick up in demand from subcontinent markets. SteelMint’s assessment for containerized Shredded stands in the range USD 335-340/MT, CFR Nhava Sheva. HMS 1 from Dubai traded at around USD 328-330/MT, CFR while from UK was being offered at around USD 320-322/MT, CFR. West African HMS 1&2 prices have moved up to USD 310/MT, CFR Mundra and 315/MT, CFR Chennai on improved interest from Bangladesh.
source: SteelMint
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