India: Imported Scrap Offers Up; Trades Slow Down

Imported scrap offers to India moved up slightly this week against last week's report, following Turkish price trend, SteelMint learned from industry participants. Trades remain less active in containerized markets before the festival.

SteelMint’s assessment for containerized Shredded from the UK, Europe and USA to India stands at USD 270-272/MT, CFR Nhava Sheva, increasing by USD 8-10/MT against last week's report. Few offers were heard at USD 265-268/ MT CFR levels. Although market participants reported gap between bids & offers, resulting in lower trade volumes.

HMS scrap prices remained unchanged against last week with Dubai origin HMS 1 being offered at around USD 265/MT CFR India while European origin HMS 1&2 (80:20) offers has now increased to USD 250/MT CFR level, against last reported USD 245/MT CFR level.

However, offers from West & South Africa are not reported this week as all scrap sold out earlier this month, shared by a source. Trade activities have also taken a pause due to the Diwali festival. After the festival steelmakers could start bookings actively for November-December shipments.