Import scrap prices in India have remained unchanged in India over the past week due to poor demand and the ongoing mismatch between offers and bids. Moreover, some gradual softening of local prices of raw materials like scrap and sponge iron have caused buyers to stay away from imports.
Tradable ex-UK/Europe containerized shredded scrap prices are still at $395/mt CFR, with most offers remaining at $400/mt CFR and with bids not above $390/mt CFR. No new deals have been reported lately. Local scrap and sponge iron prices dropped by INR 300-800/mt ($4-9/mt) in India early this week and, with the weak steel demand likely to continue next week due to the festive season, the situation is not going to change much, putting pressure on import scrap prices.
Ex-UK HMS I/II (80:20) scrap prices have also been stable, at $380-385/mt CFR Kandla port.