On May 7, SteelOrbis reported ex-UK origin shredded containerized offers to India up at $395-405/mt CFR supported by deals reportedly at $390-400/mt CFR.
According to sources, import prices for shredded containerized scrap to India have declined over the past week with ex-EU deals reportedly completed at $378-390/mt CFR. Deal prices declined $12/mt from the bottom of the previous range and $10/mt from the top of the range. Sources report offers now at $385-390/mt CFR, down $10/mt from the bottom of the previous range and $15/mt from the top of the same range.
The decline in prices as well as volumes is attributed to the devaluation of the INR against the dollar that encountered an upward trend since early April with an exchange rate of 65.55 on April 14, 66.46 on May 1, 67.17 on May 7, and 67.65 on May 14. A source added, “Scrap import prices to India declined on softness in domestic billet pricing, market uncertainty and currency devaluation. Scrap import prices will likely remain soft through May, though, given the global pricing level and India’s need for scrap, I do not foresee an extreme price fall.”