The increased activity in India’s import scrap market seen earlier has faded during the past week with secondary mills completing restocking for the short term, while sellers marginally reducing their prices did not trigger fresh buying interest, SteelOrbis learned from trade and industry circles on Wednesday, January 19.
Containerized shredded scrap prices have moved down slightly to $535-540/mt CFR Nhava Sheva port in the west, compared to offers at $540-550/mt CFR a week ago.
The strong buying interest in imported bulk HMS scrap has also faded during the past week even after Gulf origin HMS I/II (80:20) scrap prices edged lower to $460-470/mt CFR, compared to $470-480/mt CFR a week ago.
“The fall in trades is largely because secondary mills have completed a round of raw material restocking. For now, they wait and watch as imported scrap prices are showing divergent trends in key originating markets. Early in the week, containerized scrap prices showed a brief uptrend, but this was not sustained as sellers adjusted prices to attract buyers,” a Mumbai-based ferrous and non-ferrous scrap trader said.
“Local secondary mills having restocked will prefer to wait for a definite price direction before entering the market again,” he said.
Sources said that an eastern India-based private secondary mill has reported a trade for Gulf origin bulk scrap totaling 10,000 mt at a price of around $465/mt CFR Haldia port.
A trade for 8,000 mt of containerized shredded scrap was reported by a Gujarat-based mill at around $540/mt CFR Kandla port, the sources said.