Imported HMS Scrap Trades to India Improve Despite Hike in Offers
Imported scrap trades to India witnessed some improvement this week, with several container bookings for HMS scrap being concluded in the western region on account of the domestic market showing improvement in billet sales and prices. Although offers continued to rise with the ongoing uptrend, market participants expect further improvement in buying activities from Jan’20 onwards amid positive signs from the finished steel market.
SteelMint assessment for containerized Shredded from the USA and UK to India rose sharply to around USD 315/MT, CFR Nhava Sheva, up by around USD 5-6/MT against last weeks report, while the offers have now risen by USD 13/MT over the last 2 weeks. Apart from a few small quantity bookings, no major trades for shredded were reported this week.
No shredded offers from North European yards were received due to holidays, while few other European yards were reportedly getting good business at higher price levels in domestic European markets, and hence may stay away from offering large quantities to South Asian markets in Jan’20.
HMS scrap observed decent trades this week from most of the origins. South African origin HMS was sold at USD 300/MT CFR Nhava Sheva with few bookings to Mundra port also being concluded at similar levels, however fresh offers from South African suppliers have now reached USD 305-308/MT CFR.
HMS 1 super (no ci gi) was booked at USD 300/MT CFR Nhava Sheva with average trades, while new offers currently in the range of USD 300-305/MT CFR. Additionally, HMS saria/PnS was also booked at USD 313/MT CFR this week. HMS 1&2 of good quality from South American origins was sold at USD 295/MT CFR while new offers are reaching close to USD 300/MT.
Few sales for West African origin HMS 1&2 were witnessed at around USD 290/MT yesterday. Goa market also observed purchase of mixed grade - HMS & Cast, sold at USD 300/MT CFR Goa.
The recent rise in imported offers have kept the domestic scrap prices supported, which have shown rallied up over the last week, with HMS 1&2 (80:20) prices in Mumbai rising by INR 700-800/MT USD (10-11) and currently standing at INR 22500/MT (USD 315)ex Mumbai.
source: SteelMint
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