According to Mining News Pro -SteelMint learned from market participants that imported scrap market in India has turned quiet ahead of approaching local festive ‘Diwali’ holidays. Amid less supportive finish steel demand and liquidity issues with few importers market observed very thin trades this week. Buying inquiries have been slowed down as only Dubai and West African origin HMS scrap seemed to be more viable as in the expected range and domestic scrap availability remains supportive.
Offers from UK and USA suppliers for containerized Shredded scrap heard stable in the range of USD 355-360/MT, CFR Nhava Sheva. However, hardly any deals heard in the market at these levels as UK and USA suppliers remain offering more to Turkey and East Asian markets.
According to sources, minor deals for HMS scrap concluded into India this week. Offers from Dubai suppliers for HMS 1 assessed in the range USD 330-335/MT, CFR Nhava Sheva, narrowed down from USD 335/MT levels last week. While offers for HMS 1&2 (80:20) assessed in the range of USD 328-335/MT from UAE, UK and other origins. South African HMS 1&2 assessment remains at around USD 350/MT, CFR Nhava Sheva.
West African HMS 1&2 scrap in 20 -21 MT loading containers was traded in the range of USD 320-325/MT, CFR Goa and Chennai while offers assessed in the range of USD 320-330/MT, CFR Nhava Sheva.
Participants are hopeful for the correction of INR against USD and further improvement local steel demand after Diwali holidays which could result in pick up in scrap imports then.
Indian domestic scrap prices show mix trends on W-o-W - Indian local HMS scrap prices remain hovering in the range with mixed trend for another week. Currently, HMS 1&2 (80:20) basic prices assessed at INR 25,400-25,600/MT (USD 350-353), ex- Mumbai stable as against last weeks report. Prices in the northern region moved up today by INR 300-400/MT while remained stable in the Central and Eastern India.
Cheaper and easier availability of Domestic scrap keeps it more viable over imported scrap in India. Chennai based importers observed minor trades for West African imported scrap while local HMS (80:20) prices climbed up by INR 400-500/MT on W-o-W and assessed at INR 26,800/MT, ex- Chennai.
Ship breaking market silent with unstable sentiments - With tougher banking and compliance issues, Alang based ship buyers have been encountering difficulties since past few weeks. It was not surprising to see no deals concluded for another week. Current prices assessed at around INR 31,500/MT, ex-Alang for 16 mm plate slightly down INR 200 W-o-W. Ship cutting prices assessed stable at USD 425/LDT for general dry bulk cargo; at USD 445/LDT for containers and at USD 435/LDT for tankers on CNF India basis respectively.
