Import scrap prices in India have posted only small changes over the past week amid subdued trading activity, with sellers unwilling to adjust prices to drive sales, while buyers have become cautious as regards raw material restocking following the recent weakening in the long products market, SteelOrbis learned from trade and industry circles on Wednesday, April 2.
Offers for ex-UK/Europe origin containerised shredded scrap have been at $390-395/mt CFR Nhava Sheva port in the west, compared to $392-397/mt CFR a week ago. Bids were reported at around $385/mt CFR, versus previous sales at $388-392/mt CFR, but sellers have been unwilling to accept any adjustments and no deals have been confirmed in the market.
The tradable level for import shredded scrap in India has settled at $385-390/mt CFR, down by $2.5/mt on average from last week.
Ex-Europe/UK origin HMS I/II (80:20) scrap is quoted at $365-375/mt CFR, compared to $362-370/mt CFR a week ago. Sources said that 1,000 mt of ex-UK HMS I/II (80:20) was booked by a secondary mill operator at $360/mt CFR, while another deal for an ex-Ireland 500 mt tonnage was reported at $370/mt CFR.
“Indian buyers are showing limited interest in imported raw material owing to fiscal year-end considerations and resultant liquidity challenges and also a slight lack of confidence as the long product market is showing signs of entering a new down cycle,” a Mumbai-based ferrous and non-ferrous scrap trader said.
“At the local level, rising prices of sponge iron and scrap hold a promise of more interest in imported scrap. Sponge iron prices have increased by INR 500/mt ($6/mt) for the second consecutive week and scrap ex-Mandi Govindgarh was up INR 300/mt ($3mt). But the biggest uncertainty is how the US reciprocal tariff regime will impact global trade and the tit-for-tat response across the supply chain,” he added.