Import scrap prices in India have continued to rise slightly with sellers citing tight supplies. At the same time, buying has been muted during the festival holidays due to the weak rebar market and local availability of cheaper alternatives including sponge iron, SteelOrbis learned from trade and industry circles on Wednesday, November 15.
Ex-Europe containerized shredded scrap offers have been quoted in the range of $410-415/mt CFR Nhava Sheva, compared to $405-410/mt CFR a week ago, while ex-UK HMS (80:20) scrap is reported at $390-395/mt CFR, against $385-390/mt CFR a week ago.
Most of the deals confirmed during the past week have been limited to higher grade material, including a trade for 750 mt of ex-Europe plate and structural (PNS) scrap at $425/mt CFR Nhava Sheva and another trade for ex-Europe busheling scrap of 1,000 mt at $438/mt CFR, the sources said.
“Offers received are on the higher side and the India rupee at a historical low is making the landed price of imports very expensive, and buyers are reluctant to commit trades at a time when construction grade finished steel prices are weak,” a Mumbai-based trader said.
“At the same time, there are sufficient cheap supplies of sponge iron and secondary mills do not need to bear risks of imports,” he said.