India’s import scrap prices have trended higher during the past week and renewed buying interest has been seen from secondary mills who have been optimistic over raw material restocking after hiking rebar prices, SteelOrbis learned from trade and industry circles on Wednesday, October 6.
Containerized shredded scrap offers have touched week-high levels of $530-535/mt CFR Nhava Sheva port in the west amid fluctuating conditions.
While buyers were cautious in committing deals at such higher levels, troughs in the price trend triggered buying from secondary mills at prices ranging at $520-530/mt CFR, which are up by $10-15/mt from $510-515/mt CFR seen a week before.
The number of sellers active in submitting offers has also increased, following higher buying interest in the region, though bids by Indian mills below $520/mt CFR are heard to have been rejected by sellers.
According to industry sources, following the increase in local rebar base prices and improvements in traded volumes in the market, secondary mills are more confident in restocking imported raw materials and with a better option of passing on higher costs to consumers.
A secondary mill in Raipur in central India has reported a trade for ex-US containerized shredded scrap for December delivery at $530/mt CFR Kandla port in the west.
A deal for about 20,000 mt of ex-UK HMS I/II (80:20) was reported by a western India-based steel mill at $490-500/mt CFR, sources said.
A Maharashtra-based electric arc furnace (EAF) operator is heard to have concluded a December delivery contract for containerized shredded scrap at around $525-530/mt CFR.