Indian imported scrap prices edged lower with sellers reducing their activity for the year-end holidays, while local buyers showed slightly more interest in committing bookings anticipating prices to gain ground once business activity picks up in the New Year, SteelOrbis learned from trade and industry circles on Wednesday, December 25.
Ex-UK/Europe containerized shredded scrap offer prices were at $385-388/mt CFR Nhava Sheva port compared to $390-395/mt CFR a week ago with sellers quoting slightly lower prices to close deals before year-end holidays.
Even though there were fewer sellers active in submitting offers, local secondary mills turned slightly more interested in committing bookings expecting February bookings to start after the holidays to be at a higher level.
According to sources, a Gujarat based secondary mill cum ferrous scrap trading firm confirmed a 2,000 mt ex-Europe containerized shredded scrap at $385/mt CFR, while another western India based scrap trading firm booked 3,000 mt of ex-UK shredded scrap at $388/mt CFR Kandla port. As a result, the reference price for import scrap in India has come to $385-388/mt CFR versus $388-390/mt CFR last week.
Similarly owing to year end considerations, ex-UK HMS (80:20) prices too were quoted lower at $365-370/mt CFR and some other origins like West Africa or Latin America were priced at $360-365/mt CFR for the same grade compared to $365-385/mt CFR a week ago for wide range of origins HMS.
“Secondary mills are more active and concluding deals anticipating the end of the current down cycle and prices expected to start firming up mid-January with reports that collectors are facing challenges in securing supplies,” a Mumbai based ferrous and no-ferrous scrap trader said.
“The slight improvement in long products market is also instilling little more confidence among mills to restock imported raw material,” he added.