Indian imported scrap prices edged up riding on modest revival of trade activity as buyers returned to restock for year-end considerations and ahead of expected further increases in offer levels, SteelOrbis learned from trade and industry circles on Wednesday, December 18.
Ex-UK/Europe containerized shredded scrap offers were at $390-395/mt CFR Nhava Sheva port in the west compared to levels of $380-385/mt CFR a week ago. The sources said that a western India based secondary mill reported a trade for 500 mt of ex-EU containerized shredded scrap at $388/mt CFR, while another Mumbai based trader confirmed a deal for same origin scrap of 1,000 mt at $390/mt CFR. This brought the reference price at $388-390/mt CFR, moving up by $11.5/mt on average over the week.
Ex-EU HMS (80:20) offer prices were reported in the range of $365-380/mt CFR up from $360-370/mt CFR a week ago.
According to the sources while market participants were still cautious owing to local currency depreciating to another historical low of INR 84.90 a US dollar, some buyers ventured to book and restock expecting prices to get elevated further in the coming quarter taking cue for firming up of scrap prices in the benchmark Turkish market.
Another deal for ex-UK 500 mt busheling scrap was reported at $398/mt CFR the sources said, adding that an ex-UK HMS scrap deal for 1,000 mt was concluded at $377/mt CFR.
“The trade volumes were on the lower side indicating caution and liquidity on part of buyers to commit larger trades. But revival of some trade activity on imports indicated attempts to stay ahead of expected upward curve in prices” a Mumbai based trader said.