Import scrap prices in India have continued to consolidate at higher levels for the second consecutive week but secondary steel mills have concluded limited import deals during the past week focusing on purchases from local stockyards, SteelOrbis has been informed.
Shredded scrap of ex-US origin has been available at $270-276/mt CFR Nhava Seva port in western India, up $5-8/mt from last week. Ex-UAE offers have gained slightly during the past week by $5/mt to $260-265/mt CFR Nhava Seva. Sources said that two import deals have been reported in the market during the past week for ex-UAE shipment for December delivery at $260/mt CFR Mumbai.
Most Indian secondary steel mills have preferred to source from local stockyards as they are cautious of current offer levels, which have shown an upward trend over the last two weeks.
“Import trades are dwindling since offers have started to harden and prices have clearly bottomed out in key originating markets like Turkey and the US and local secondary steel mills are unwilling to make fresh bookings of higher volumes,” a member of the Metal Recycling Association of India (MRAI) said.
Traders said that local scrap prices have increased by INR 300/mt ($4/mt) to INR 23,100/mt ($327/mt) ex-stockyard at Mandi Govindgarh. Prices are up INR 200/mt ($3/mt) week on week to INR 22,200/mt ($314/mt) ex-stockyard at Alang in western India.
$1= INR 70.70