Mining News Pro - SteelMint learned from market participants that imported scrap market in India has turned silent on recent depreciation of Indian Rupee hitting record low of 74 against USD.
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According to Mining News Pro -SteelMint learned from market participants that imported scrap market in India has turned silent on recent depreciation of Indian Rupee hitting record low of 74 against USD. Market has moved into some sort of uncertainty and the slowdown in demand is likely to put prices under pressure in upcoming days. Local prices for finish steel and semi finish have also turned less supportive for scrap bookings at the moment, however, participants believe that downward correction would be a temporary and the demand may pick up again after few weeks.

Offers for UK and Europe origin Shredded scrap in containers heard in the stable range of USD 355-363/MT, CFR Nhava Sheva. According to sources, offers from Dubai suppliers have corrected down on fall in inquiries from Indian buyers. HMS 1 is being quoted at USD 345-350/MT, CFR down USD 7-9/MT, CFR W-o-W from Dubai and South Africa. while offers for HMS 1&2 (80:20) assessed at around USD 340/MT from UAE, UK and other origins.

Few trades for West African HMS 1&2 in containers were booked around USD 335/MT, CFR Chennai towards closing last week and current offers assessed in the range of USD 330-335/MT, CFR.

Buying interest among participants has dropped down sharply and remains USD 10/MT below current global offer levels. Despite this USA and UK suppliers appears to be stable to strong going ahead and few suppliers are still quoting higher while few other remain less offering.

Indian domestic scrap prices fall upto INR 1500/MT W-o-W - Indian local HMS scrap prices dropped down by around INR 1000-1500/MT (USD 14-20) in the major markets. Currently, HMS 1&2 (80:20) basic prices assessed at INR 25,900-26,100/MT (USD 351-353) as against last weeks’ report at INR 27,500/MT ex- Mumbai. Likewise in other regions, like Raipur, Kandla, Alang, Ahmedabad prices have weakened on weekly premises.

Chennai based importers observed few trades than other regions as local HMS (80:20) scrap prices in Chennai still assessed at around of INR 27,000/MT (INR 300-400/MT down W-o-W), ex- Chennai.

The price gap between imported and domestic scrap has broadened sharply making local scrap more preferred over imported.

Ship breaking market observes volatility on falling ship plate prices  India has witnessed gradual and continuous fall in ship breaking plat prices, ending the last week on an overall weaker note. Local plate prices dropped down INR 800-1000/MT (USD 11-14) W-o-W to INR 32,500/MT, ex-Alang for 16 mm plate.

However, ship cutting prices were moved up USD 10/MT in the beginning of the week following global trends pushing assessment at USD 435/LDT for general dry bulk cargo; at USD 455/LDT for containers and at USD 445/LDT for tankers on CNF India basis respectively. A paramax container was sold above USD 500/LDT levels earlier but recent currency depreciation has pushed market into a silence thereafter.

 


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