Indian imported scrap prices remained stable in inactive market conditions with sellers absent owing to holidays while buyers remained cautious with previously booked materials arriving at ports and sufficient to meet low demand amid weakening finished steel prices, SteelOrbis learned from trade and industry circles on Wednesday.
Ex-Europe containerized shredded scrap prices remained at $418-420/mt CFR, while HMS (80:20) scrap of Europe origin was priced at $395-400/mt CFR Nhava Sheva, but sellers were not present to follow up quotes.
The sources said that local secondary mills are not in mood to restock raw materials, particularly imports amid falling finished steel prices and planned cuts in plant capacity utilization levels.
“We expect current inactive market conditions to continue as weak margins from finished steel will prevent mills from banking on higher priced imported raw materials. Trade channels are also sufficiently stocked with locally sourced scrap to meet current demand,” a Mumbai based ferrous and non-ferrous scrap trader said.
“We also see disruptions in supply chain particularly for shipping lines plying Europe-Indian Ocean route in view of security risks in Red Sea. Buyers are unlikely to settle for trades with extended delivery timelines too,” he said.