India’s import scrap prices soften gradually amid lower utilization rates at mills

Wednesday, 18 August 2021 14:57:36 (GMT+3)   |   Kolkata
       

India’s import scrap prices have continued to trend downwards gradually with more furnaces reducing capacity utilizations or going in for more shutdowns owing to weak rebar prices, thereby triggering low demand for raw materials, SteelOrbis learned from trade and industry circles on Wednesday, August 18.

Ex-US containerized shredded scrap prices was heard in the range of $512-520/mt CFR Nhava Sheva port in the west compared to the traded price of around $515-525/mt CFR a week ago, with only one confirmed deal reported in the market.

Limited buying was reported for bulk HMS I/II 80:20 scrap, which was available at considerably lower prices, the sources said.

According to the sources, most secondary mills have been operating at an average of 50 percent capacity utilization and have preferred to meet their limited raw material requirements through deals for local sponge iron at relatively stable prices, rather than risk imported scrap deals.

“The impact of the monsoon and low construction activity seems to be more prolonged than usual this year. It is noticed that there is more activity in the imported scrap market in neighbouring Pakistan, with more sellers finding higher prices more acceptable among buyers,” a Gujarat-based scrap trader cum secondary mill operator said.

“Apart from low demand, buyers are also concerned over the surge in container freight rates, which is keeping CFR prices at higher levels. Hence, there are too many negatives in play simultaneously, keeping even the few buyers out of the market,” he added.

Sources said that only one deal for an ex-US container tonnage was heard in the market, from a central India-based secondary mill at around $519/mt CFR Kandla port for October delivery.

A deal for ex-UK bulk scrap (HMS 80:20) has been reported by a western Indian mill at a price of $440-460/mt CFR Nhava Sheva port, the sources said.


Similar articles

South Korean and Vietnamese steel mills focus on domestic scrap or long-term import sourcing

29 Mar | Scrap & Raw Materials

Taiwan’s import scrap market recovers slightly

29 Mar | Scrap & Raw Materials

Import scrap prices in Bangladesh mostly stable in new deals

29 Mar | Scrap & Raw Materials

Local Italian scrap market still sluggish, prices stable

29 Mar | Scrap & Raw Materials

Mexican domestic scrap prices

28 Mar | Scrap & Raw Materials

Carbon and stainless scrap prices in Taiwanese domestic market - week 13, 2024

28 Mar | Scrap & Raw Materials

Turkey’s deep sea scrap prices stabilize at $385-390/mt CFR

28 Mar | Scrap & Raw Materials

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

US scrap market still expecting sideways pricing in April

27 Mar | Scrap & Raw Materials

Ex-US deep sea scrap prices to Turkey increase, ex-EU prices relatively stable

27 Mar | Scrap & Raw Materials