According to Mining News Pro -SteelMint learned from market participants that imported scrap market in India observed availability of HMS offers at corrected levels by USD 5-8/MT on slow demand. Market remains less active on still depreciated currency despite slight recovery. Global suppliers hold Shredded offers steady without any pressure however, except West African scrap other origin material seems less viable at the moment. Finish steel demand remains subdued and hasn`t recovered as expected yet keeping buyers slow in purchases.
Offers for UK and USA origin containerized Shredded scrap heard stable in the range of USD 357-360/MT, CFR Nhava Sheva. However, no major booking for Shredded heard in the market at these levels.
According to sources, offers from Dubai suppliers for HMS 1 are being quoted at around USD 335/MT, CFR down USD 5-7/MT W-o-W. Offers for HMS 1&2 (80:20) assessed in the range of USD 330-335/MT from UAE, UK and other origins.
"Yards are not ready to offer Shredded at corrected levels holding it firm at USD 360/MT,CFR but HMS prices from UAE heard down both in India and Pakistan" shared a source.
India observes limited trades for West African HMS scrap - Indian scrap importers working with Sponge iron kept buying limited quantities for West African scrap in 20 -21 MT loading containers again this week. Few deals for HMS 1&2 reported at around USD 320/MT, CFR Chennai while offers assessed in the range of USD 320-325/MT, CFR Mundra with limited buying interest.
Indian domestic scrap prices remain range bound on W-o-W - Indian local HMS scrap prices remain hovering in the range with mixed trend this week. Currently, HMS 1&2 (80:20) basic prices assessed at INR 25,500-25,700/MT (USD 347-350) as against last weeks ‘report of INR 25,400-25,600/MT ex- Mumbai. Prices in the northern region moved down by INR 500-600/MT W-o-W while remained stable in the Central-Eastern India.
The price gap between imported and domestic HMS scrap has narrowed down however, local scrap remains more viable over imported. Chennai based importers observed limited trades for imported while local HMS (80:20) prices assessed at INR 26,300/MT, down INR 200-300/MT on W-o-W, ex- Chennai.
Ship breaking market stands out of competition at the moment – Alang based ship buyers have been struggling with currency and LC issues since past few weeks. With slight recovery in INR against USD local ship plate prices turned up but after marginal recovery dropped by INR 500-600/MT in a weeks’ time. Current prices assessed at around INR 31,700/MT, ex-Alang for 16 mm plate.
Global ship cutting prices corrected down by USD 5/MT W-o-W pulling assessment 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. No sale has been reported as Indian buyers remain away from buying amid more competitive Chittagong’s market.
