Indian imported scrap prices showed further losses and negligible trades amid weak finished long products market and uncertain cues from global trends, SteelOrbis learned from trade and industry circles.
Ex-Europe and ex-UK containerized shredded scrap price in India has been settled at $420-422/mt CFR this week, versus $425-430/mt CFR reported in the middle of last week.
A few buyers have received ex-UK shredded scrap offers at $422/mt CFR, but in general the number of lower offers has been limited, while importers have been looking for below $420/mt CFR.
Sources said that the global market cues were conflicting with prices inching up in certain geographies, while dormant or softening in others amid slowdown in trading conditions owing to Eid holidays. In the Indian local market, buyers were largely reluctant to commit bookings as secondary mills were lowering plant output levels and heard to be submitting only limited bids for smaller tonnages, but no deals were confirmed over the past week.
“The outlook is uncertain. Some expect prices to dip another $10/mt, while other think it to move up,” a Mumbai based trader said.
“In India, scrap trade will remain muted in view of intensifying stress on secondary mills, inflation and political uncertainty of several state level elections before year end. We are awaiting a clearer picture to emerge next week,” he said.