Import scrap prices in India have indicated a firm uptrend amid increased restocking by local secondary mills, while a shift in trade continued to be reported from containerized shredded scrap to bulk HMS of Gulf origin, SteelOrbis learned from trade and industry circles on Wednesday, January 12.
Containerized shredded scrap offer prices are up to the range of $540-550/mt CFR Nhava Sheva port in the west, up from the tradable level of $525/mt CFR last week. A rising number of offers has been seen in the market and, though trade remains moderate, local buyers have been reporting a preference for Gulf origin bulk HMS, the price of which is also up, but though it has been rising at a slower pace.
According to the sources, Gulf origin HMS I/II (80:20) prices are reported at $470-480/mt CFR, against deals concluded in the range of $450-475/mt CFR a week ago.
“Having been successful in pushing up rebar prices in the local market and passing on higher input costs, there is improved confidence among secondary mills as regards increasing raw material restocking operations,” a Mumbai-based ferrous and non-ferrous scrap dealer said.
“Of course, the preference for Gulf origin bulk scrap continues largely because of the price but also because of shorter delivery timelines,” he added.
Sources said that a Gujarat-based secondary steel mill cum ferrous scrap trader has reported a deal for 15,000 mt of containerized shredded scrap for March shipment at $545-550/mt CFR Nhava Sheva port.
A Raipur-based secondary mill in the central region has reported a trade for 10,000 mt of Dubai origin bulk HMS I/II (80:20) for February shipment at around $475-480/mt CFR Kandla port in the west.
An eastern Indian-based secondary mill is heard to have concluded a deal for Gulf origin bulk scrap totaling about 8,000 mt at a price of around $485/mt CFR Haldia port, sources said.