Indian Melting Scrap Prices Likely to Remain Range-bound
Indian melting scrap prices fluctuated slightly in specified regions and price range move down by INR 200-300/MT on weekly basis in major scrap consuming regions i.e. western & southern India.
As per conversation with participants, domestic melting scrap price might remain supported or remain to range bound considering limited supply in west region, which is known as major scrap consumer i.e. Gujarat as well as Maharashtra state.
Further in southern India - scrap prices in Chennai remained near to range bound with minor fluctuation amid average supply and the trade reference prices may vary by INR 200-300/MT depending upon the quality & quantity.
As per assessment, imported scrap (HMS 1) viability seems limited in India as fresh offers are hovering at USD 290-300/MT CFR of Dubai origin HMS 1, which landed cost to western India base plants will be close to INR 22,700-800/MT including INR 2,300-2,500/MT logistic, customs clearance & import duty. However the domestic scrap prices hovering at INR 22,000-22,100/MT in Gujarat market.
Whereas domestic trade reference scrap prices in Chennai market is at INR 20,200-20,400/MT and landed cost of imported scrap calculated at INR 21,300/MT considering USD 280/MT from West Africa with 20 MT loading.
However, few participants shared that they have booked West Africa scrap (HMS 80:20) at USD 270/MT during last week which is ultimately cost INR 20,600/MT equivalent to domestic scrap prices and buying interest hovering at USD 265/MT level due to cast iron presence.
Conclusion: Analyzing the limited supply movement in domestic market, scrap prices is less likely to see a major change in near term comparing to less viable imported scrap and dull finish steel demand.
source: SteelMint
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