Mining News Pro - In recent conversations with market participants, SteelMint learned that Indian imported scrap market has continued to remain mute this week with very limited trades. Cheaper availability of domestic scrap and dull demand in local steel market kept importers waiting for another week ahead of resuming purchases actively. Very limited quantity deals have heard at almost stable prices this week.
Price assessment of UK and USA origin containerized Shredded scrap stands at USD 360-365/MT, CFR Nhava Sheva. However, buying interest still remains below USD 5-10/MT than current levels which is hard to fetch at this moment. Shredded offers in bulk vessels heard at around USD 373-375/MT levels.
On W-o-W basis, HMS 1&2 offers have remained almost stable. Offers from UAE for HMS 1&2 (80:20) heard at USD 330-335/MT and for HMS 1 at around USD 340-345/MT, CFR. UK origin HMS 1&2 (80:20) is being offered at USD 335-340/MT, CFR Nhava Sheva.
West African HMS is being offered in the range of USD 315-325/MT, CFR Nhava Sheva depending on quality of scrap in containers and loading ports. Europe origin offers hardly heard this week over national holidays in Germany.
Although Indian importers have remained less active for scrap imports, few steelmakers have started inquiries this week. Most of the participants believe that prices might have bottomed out and may observe upward corrections in upcoming days. However, few participants indicated that importers may resume bookings actively only in the second half of August.
Indian domestic scrap prices inch up this week - After witnessing successive fall in local scrap prices for more than a months’ time, domestic scrap prices in India have turned up marginally for major regions on the weekly comparison. Amid slight improvement in semis market over tightened supply, domestic scrap prices turned upward this week. Currently, HMS (80:20) basic prices assessed at INR 24,700-24,900/MT (USD 360-363) (up INR 300 W-o-W) in Mumbai, while INR 22,600-22,800/MT (up INR 100 W-o-W) in Chennai, GST @ 18% extra.
Weak local steel plate prices, depreciated currency and nationwide transporters and trucker’s strikes have resulted in declining sentiments in ship breaking market. Alang buyers remain hesitant to place any fresh offer, expecting for stability in the market in upcoming days. Even if there is some optimisms about fourth quarter of year India is presently least active market in subcontinental markets. Steel plate’s prices moved down further by INR 600-800/MT W-o-W again in Alang. Ship cutting prices moved down by USD 5/MT W-o-W basis and assessed at USD 405/LDT for general dry bulk cargo; at USD 435/LDT for containers and at USD 425/LDT for tankers on CNF India basis respectively.
