Indian Imported Scrap Trades Pick Up Despite Hike in Offers
Imported scrap trades to India witnessed considerable improvement this week, with decent bookings being witnessed after slow activity in the previous couple of weeks. Offers from global origins continued to rise sharply, however buyer’s inquiries remained active, as mills looked to book some material in anticipation of further price hike.
SteelMint’s assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 305-310/MT CFR Nhava Sheva up USD 10-15/MT from USD 295-300/MT last week. Some bookings for Shredded scrap were reported at USD 305-306/MT earlier in the week, while offers moved up to USD 306-307/MT by US suppliers and USD 308-310/MT from UK and South European origins. After a gap of few weeks, imported shredded scrap was booked in decent quantity this week.
"Shortage of container availability, and the consequent rise in freight charges has also contributed to the significant hike in offers to South Asia" Shared a source.
For imported HMS, Indian buyers have a lot of options presently, in terms of origins. Brazil origin HMS 1&2 (80:20) is being offered at around USD 285/MT CFR Nhava Sheva, with buyers lapping up at favourable prices. Yards from Australian origins are offering HMS 1&2 (80:20) at USD 286-290/MT CFR. HMS 1 from South Africa (hand loaded material) is being offered at USD 300/MT.
UAE origin HMS prices too climbed up on active demand and supply tightness at yards, with HMS 1 (no ci gi) being offered at USD 300-305/MT CFR, while HMS 1&2 (ci gi 4-5%) at USD USD 295-300/MT CFR. HMS 1&2 (80:20) from UK and Europe stand at USD 280-284/MT CFR. West African HMS offers to Goa stood at USD 275/MT CFR, however no major deals got concluded in recent few days with mills bidding lower at USD 265/MT CFR.
Pakistan market remains strong - Imported Scrap Offers to Pakistan have moved up further over the course of the week, and stand at USD 307-314/MT CFR Qasim for Shredded 211, from USD 303-305/MT at the opening of the week. Shredded bookings from USA at USD 307-308/MT and from UK origin at USD 310-312/MT have been concluded in the last 2 days as active inquiries from buyers kept market sentiments supported.
source: SteelMint
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