Import scrap prices in India have showed mixed trends amid a slight improvement in buying heard from secondary mills in the western region and with some sellers agreeing to marginally lower prices to conclude deals, while the overall mood has continued to be cautious, SteelOrbis learned from trade and industry circles on Wednesday, July 3.
The ex-Europe/UK containerised shredded scrap price is down by $2/mt over the past week to $410-415/mt CFR Nhava Sheva. At least two deals for 3,000 mt and 2,000 mt were reported by Gujarat-based secondary mills at $410/mt CFR and $412/mt CFR, respectively.
Some other secondary mills are reported to have submitted lower bids in the range of $400-405/mt CFR, but deals were not done, with sellers unwilling to adjust prices much.
Ex-UK HMS (80:20) scrap is in the range of $385-390/mt CFR Kandla port, compared to $385-395/mt CFR a week ago, with only one deal for 2,000 mt reported by a western India-based induction furnace operator at around $385/mt CFR, the sources said.
“In the western region, rebar prices are still better than in the southern and eastern regions, offering secondary mills in that region greater confidence in restocking imported raw materials. But buyers in other regions are quoting a lower price and hence deals are not being closed,” a Mumbai-based ferrous and non-ferrous scrap trader said.
“Generally, procuring imported scrap at a time of weak finished steel prices is risky. Sellers are not willing to adjust prices, citing higher freight rates. But we do not see a significant improvement in import trade as the long products market is in a prolonged bear phase,” he said.