Sources note that while Indian import scrap prices have resisted the rapid price decline experienced in many global markets, global market uncertainty has begun to affect Indian domestic raw material and finished goods pricing, which in turn affects scrap import prices.
SteelOrbis reported ex-US containerized shredded pricing to India recently.
In regards HMS I/II, SteelOrbis reported on April 17 that ex-US containerized HMS I/II 80:20 scrap had recently traded at $295-300/mt CFR Nhava (India). Ex-US scrap containerized HMS I/II 80:20 material is presently offered at $285-295/mt CFR Nhava from the East coast. The offer price reflects a decline of $10/mt from the bottom range of the deal and $5/mt from the top of the range. As many Indian buyers seek shredded scrap over HMS I/II 80:20 and HMS I/II 80:20 is not in demand by US mills, a source noted the potential for the spread between the two grades to widen in CFR terms.