Import scrap prices in India have remained stable in the past week, but trade activity has fallen almost silent owing to the Eid holiday ahead and secondary mills unwilling to restock raw materials with the monsoon rains and lean season settling in, SteelOrbis learned from trade and industry circles on Wednesday, May 28.
Ex-UK/Europe containerised shredded scrap offers are unchanged at $370-372/mt CFR Nhava Sheva port in the west, and stray bids have also been reported at unchanged levels, at $360-365/mt CFR, resulting in no trades being confirmed during the week in review. The SteelOrbis reference price for import shredded in India is still at $360-370/mt CFR.
Similarly, ex-UK HMS I/II (80:20) offers are stable at $345-350/mt CFR, with bids lower at $340/mt CFR, and no deals have worked out as a result, the sources said.
“Indian secondary mills are very cautious in restocking raw materials, particularly imports with risks of currency fluctuations, as finished steel prices enter a new down cycle,” a Mumbai-based trader said.
“Local scrap prices are getting cheaper and there are sufficient supplies to meet declining demand from these secondary mills,” he added.
Sources said that local scrap prices have declined INR 300/mt ($4/mt) to INR 33,700/mt ($393/mt) ex-Mandi Govindgarh in the north, with reports of additional volume-based discounts ranging at 2-4 percent.