Import scrap prices in India have remained relatively stable during the past week but buyers have showed stronger confidence in committing deals, particularly for bulk scrap following the improved rebar market conditions both in terms of price and trade volumes, SteelOrbis learned from trade and industry circles on Wednesday, January 29.
Sources said that ex-UK/Europe containerized shredded scrap is offered mainly unchanged at $375-380/mt CFR Nhava Sheva port in the west. HMS (80:20) scrap, which has been the focus of most local buyers, has been quoted at $355-360/mt CFR and up to $365/mt CFR for ex-UK origin.
The sources said that one deal for a 3,000 mt mixed cargo of shredded and bulk scrap was reported at an average price of $370/mt CFR Mundra port in the west, although the origin on the cargo was not disclosed and some sources said it was from the US. This signals a price improvement as buyers’ price ideas for shredded were not above $360-365/mt CFR last week.
Another mixed cargo for 2,000 mt was reported at $375/mt CFR, the sources said.
The reference price for imported containerised shredded scrap in India has settled at $375/mt CFR, versus $365-370/mt CFR last week.
According to the sources, a deal for 1,000 mt of HMS scrap originating from Mozambique was heard at $350/mt CFR Mundra port. However, the same buyer seeking a second deal for an undisclosed tonnage failed to strike an ex-Mozambique deal at $350/mt CFR as a different seller declined any bid less than $360/mt CFR.
“There is some improvement and more confidence among secondary mills to look at imported raw materials, following the better movement of long products at better prices. But buyers are still very price-sensitive and not many sellers are willing to adjust prices to push deals, setting higher price targets as global prices inched up,” a Mumbai-based distributor said.