On August 3, SteelOrbis reported that containerized shredded scrap purchases in India remained limited and offers were at $350-365/mt CFR from a variety of countries including the US and UK.
Sources today report import scrap deals on containerized shredded scrap at $355-360/mt CFR from the UK region, a source noted that ex-UK containers can fit more and can satisfy preferred freight factors for the buyer compared to other countries, hence, the perceived premium payment in these deals. Offers on containerized shredded scrap reportedly continue at $350-365/mt CFR from various source countries. The source added that while the upper end of the range may decrease $5-10/mt given the global pressure on scrap transactions, since India is expected to resurface from its monsoon season with increased production goals, shredded scrap import prices are expected to receive support from the expected improved demand. Due to the market uncertainty, seasonal monsoon season, and lower domestic prices, import transactions by Indian buyers have remained subdued through the summer.
Containerized HMS I/II 80:20 from the UK and EU regions is reportedly on offer at $330-335/mt CFR Nhava.