Import scrap prices in India have showed a mixed trend during the past week, with sellers citing tighter supplies and trying to hold prices stable or push them up, while buyers have lacked confidence after finished steel prices in India, particularly long products, were seen to be suffering setbacks, SteelOrbis learned from trade and industry circles on Wednesday, February 25.
Offers for ex-UK/Europe containerized shredded scrap are heard at $375-378/mt CFR Nhava Sheva port in the west, compared to $372-375/mt CFR a week ago. But Australian offers for shredded have been at $370/mt CFR, while customers in India have been looking for $368-370/mt CFR at best. The shredded scrap reference price in India has settled at $368-378/mt CFR, with the midpoint at $373/mt CFR, which is just $0.5/mt below the average price seen last week.
Ex-UK origin HMSI/II (80:20) scrap prices have moved down slightly to the range of $348-350/mt CFR, against $350-355/mt CFR a week ago.
According to the sources, induction furnace operators have been unwilling to look at import scrap prices, considering long product prices to be entering a bearish phase, and the mills are unsure of their ability to pass on higher prices of imported raw materials to consumers.
However, a few exceptions were the furnaces supplying specialized products to higher value-added casting producers, buying moderate volumes of higher grade import scrap.
For example, a southern India-based furnace operator concluded a trade for 1,500 mt of busheling at $392/mt CFR Chennai port, but the origin was not disclosed, the sources said.
Another booking for 2,000 mt was reported for ex-Australia HMS I/II (90:10) at $362/mt CFR Chennai port in the south.