Indian Imported Scrap Market Remains Dull; Offers Decline

In conversation with industry participants, SteelMint learned that Indian imported scrap market has maintained total silence over the current week, amid continued downtrend in the domestic steel market of the country. Nonfeasibility of imported scrap due to ongoing downfall in the domestic fundamentals has kept buyers away, even as offers have fallen to 2 years low levels.

SteelMint’s assessment for containerized Shredded from UK, Europe and USA slided down to USD 295-300/MT, CFR Nhava Sheva, decreasing another USD 5/MT against last week’s report, with most offers remaining in the said range. Few inquiries from buyers were even made at USD 290/MT, but no deals were confirmed.

Offers for HMS scrap from Dubai stood in the range of USD 270-280/MT, CFR. However, in the absence of interest from buyers, UK and European suppliers majorly stayed away from offering to India and majorly offered to South East Asian countries instead. South African HMS was being offered at USD 280-285/MT, CFR. Domestic scrap prices remained rangebound and still considerably cheaper against imported scrap