India Imported Scrap Market Turns Silent; Prices Range Bound

SteelMint learned from industry participants that ongoing election has kept imported scrap trades limited for yet another week.

Buyers were mostly interested for low-priced scrap and remained away from buying high priced scrap preferring domestic scrap and sponge Iron on easier and cheaper availability.

SteelMint’s assessment for containerized Shredded from Europe, UK and US stand flat in the range USD 330-335/MT, CFR Nhava Sheva. While offers were heard at around USD 345-348/MT, CFR Vizag.

"The marginal increase in Turkey's scrap prices may remain supported on Ramadan restoking, however, Indian subcontinental markets remained silent this week." shared a source.

South African HMS 1&2 offers were being quoted in the stable range of USD 335-338/MT, CFR while HMS 1 from Dubai at around USD 325-327/MT, CFR depending on quality.

Bundles scrap from South American origin were traded in the range of USD 295/MT, CFR Nhava Sheva and Ludhiana. SteelMint’s assessment of West African HMS 1&2 in 20-21 MT containers remained almost stable at around USD 313-315/MT, CFR Goa and Chennai while around USD 310/MT, CFR Mundra.

Minor trades for Central American HMS 1&2 (80:20) scrap reported at around USD 323-325/MT, CFR.

Domestic scrap prices flat on a weekly basis - Price assessment of local HMS 1&2 (80:20) scrap stands stable at INR 25,000-25,200/MT (USD 361-364), ex- Mumbai and USD 24,500-24,700/MT, CFR Chennai against last week report. USD/INR exchange rate slightly increased this week and kept hovering between low 69 to high 69.8 on weekly premises.