Import scrap prices in India have showed marginal changes in the past week and, though trade activity has remained low, buyers have showed a preference for HMS scrap of West African origin available at slightly lower prices, SteelOrbis learned from trade and industry circles on Wednesday, April 3.
Ex-Europe containerised shredded scrap has been quoted in the range of $410-416/mt CFR Nhava Sheva port in the west, compared to $410-415/mt CFR a week ago.
According to sources, trades for two lots of 2,000 mt and 5,000 mt of HMS (80:20) scrap of West African origin were reported at $370-373/mt CFR Kandla port in the west. The UK origin HMS scrap price was heard at $385-388/mt CFR, versus $375-385/mt CFR last week.
“There is a change in sentiments for the better for both buyers and sellers. There is more buying activity, but buyers are still cautious, unsure over the sustainability of the recovery in the long products segment. In the near term, there will be some fluctuations in prices owing to approaching Eid and national elections,” a Mumbai-based ferrous and non-ferrous scrap trader said.
“Local secondary mills are keeping a close watch, expecting the market to be near a bottom and could be expected to restock raw materials toward the end of April. But the rupee touching yet another historical low against the US dollar could increase currency risks in imports,” he said.