On June 12, SteelOrbis reported US containerized shredded scrap offers to India at $290-300/mt CFR Nhava Sheva and HMS I/II 80:20 scrap offers at $270-272/mt CFR Nhava Sheva. Demand was reported low by East coast sources as limited volumes of containers were reportedly booked.
According to sources close to the market, in the week ended June 16 India purchased one shredded bulk cargo from the US West coast at $295/mt CFR Kandla for July delivery. Traditionally, bulk scrap trades are approximately $10-20/mt higher than containers, therefore this bulk deal would generally translate to $275-285/mt CFR Indian port for containerized shredded scrap on the West coast.
Offers for shredded scrap containers from the East coast continue being heard this week at $290-300/mt CFR Nhava Sheva and HMS I/II 80:20 scrap at $270-275/mt CFR Nhava Sheva. A source noted, “Import prices on containers of scrap to India are heard inching slightly upward. Hopefully, the bulk scrap buy is a sign of positive developments in India.”