Imported scrap prices in India have softened slightly with sellers attempting to drive sales and finished steel prices showing continued weakness, SteelOrbis learned from trade and industry circles on Wednesday, June 14.
Around 1,000 mt of ex-Europe containerized shredded scrap was booked at $440/mt CFR Nhava Sheva port in the west. In addition, 3,000 mt of shredded scrap were confirmed as booked in the market at $430-432/mt CFR Mundra port in the west.
The reference price for imported shredded scrap in India has softened to $430-440/mt CFR from $435-439/mt CFR last week.
Prices for HMS I/II 80:20 have slipped to $415-420/mt CFR.
“Scrap sellers are dropping prices conservatively. But this is not sufficient to revive trades much as secondary mills are under pressure from falling prices and are more focused on maintaining cash flows and are cautious on raw material restocking,” a Mumbai-based ferrous and non-ferrous trader said.
“Also, the global scrap market may come under renewed pressures as there is a slowdown in bookings in several key trading hubs. The unstable local currency is also keeping buyers on the sidelines, keen to avoid risks of currency depreciation,” he said.