Import scrap prices range-bound in India, outlook bleak

Wednesday, 21 April 2021 15:41:12 (GMT+3)   |   Kolkata
       

Import ferrous scrap offers to India have remained range-bound during the past week, with a negative bias and barring stray deals. The market has remained inactive overall with multi-locational secondary steel mills still assessing the impact of lockdown restrictions on their operations, SteelOrbis learned from trade and industry circles on Wednesday, April 21.

Sources said that signals from bellwether markets like Turkey indicate uncertainty and, with local secondary mills in no hurry to restock raw materials, no deals for significant volumes have been heard in the Indian market.

The sources said that wide-ranging offers for containerized shredded scrap have been reported in the market at $450-465/mt CFR Nhava Sheva port. The latest deal price level is at $455/mt CFR, in line with the previous contracts and slightly higher than deals at $445-450/mt CFR more than seven days ago.

According to the sources, just one deal was reported for ex-US shredded scrap at $455/mt CFR Nhava Sheva, while buyers have largely stayed away from responding to other offers.

“Buyers, even with a limited appetite for restocking raw materials and concluding import deals, are keeping a close watch on key markets like Turkey and anticipating a firm downtrend to set in,” a member of the Metal Recycling Association of India (MRAI) said.

“Sentiments are changing towards the market cooling down, even though imported scrap offers during the past week did not show a sharp decline. But at the same time given local uncertainties faced by secondary steel mills, I do not see a strong revival in buying at a marginal fall in offers from current levels,” he added.

Traders and industry sources said that at least few of the domestic secondary steel mills have refocused on sourcing from local stockyards, following the softening of local scrap prices.

Scrap prices have lost INR 1,000/mt ($13/mt) to INR 38,500/mt ($514/mt) ex-stockyard of Mandi Govindgarh in the north and INR 500/mt ($6.50/mt) to INR 32,500/mt ($434/mt) ex-stockyard at Alang in the west.

$1 = INR 74.88


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