India: Imported Scrap Market Remains Silent Amid Less Trades

India's imported scrap market has remained mostly silent with buyers generally keeping away from concluding any deals. Offers for imported scrap remained more or less in a similar range, however, some participants believe in a likelihood of an upward movement in prices in the coming week, after a rise in Turkish prices this week.

SteelMint’s offers for containerized Shredded from the UK, Europe and the USA to India remain flat at around USD 285/MT, CFR Nhava Sheva, almost unchanged against last week's report. For yet another week, no major trades for Shredded scrap were reported on low buying interest, as domestic market sentiments remain weak.

HMS scrap offers slightly inched up in comparison to the previous week, with HMS 1 offers from most origins assessed at USD 270-272/MT CFR Nhava Sheva, while HMS 1&2 (80:20) from Europe being offered at around 260/MT CFR. UAE origin HMS 1 super (no ci gi) from Dubai also reported in the range of USD 270-275/MT CFR, while West African HMS 1&2 (80:20) was offered at USD 255-260/MT CFR Nhava Sheva. "Indian mills are preferring domestic scrap over imported , resulting in limited trades in India.", shared a source.

In Pakistan too buyers interest for imported scrap remained limited this week, with few trades for shredded scrap being reported at around USD 285/MT CFR Qasim.