NEWS
Scrap & Recycling  

India: Imported Scrap Market Inquiries Up on Strengthening Rupee

SteelMint learned from market participants that Indian imported scrap market observed increased inquiries on strengthening of Rupee against USD

However, offers remained almost stable after moving down by USD 10/MT over the week following slide in global offers. Limited trades concluded as market observes "wait & watch" scenario. Participants turn hopeful on pickup in trade activities next week.

SteelMint’s assessment for containerized Shredded of UK and Europe stands at around USD 340-345/MT, CFR Nhava Sheva, down USD 10/MT as against USD 350-355/MT report last week. Minor trades for Shredded scrap reported at around USD 340/MT, CFR during mid of the week.

Offers for Dubai and UK based HMS 1 stand at USD 325-330/MT, CFR Nhava Sheva. While  HMS 1&2 (80:20) assessed stable at around USD 325-328/MT from Europe and other origins. South African HMS 1&2 stands at around USD 340/MT, CFR Nhava Sheva.

Limited trades for West African HMS 1&2 scrap heard this week. Offers for 22 MT containers loading stand at USD 317-320/MT, CFR Chennai and an assessment stands at around USD 315-320/MT, CFR Nhava Sheva in 20-21 MT containers.

“Slight pickup in activities is expected in next few days after which US/UK suppliers are likely to close down on seasonal concerns.” shared a source.

INR has been recovering successively and hit 3-month high. It stands at 69.8 against USD today, which was at 71 levels a week ago.

Indian domestic scrap prices inch up after falling - Local HMS scrap prices slightly move up today after falling this week in major markets. Currently, HMS 1&2 (80:20) basic prices stand at INR 25,600-25,800/MT (USD 369-370), ex- Mumbai, down INR 800/MT as against last week’s report. Prices in Northern, Central and Eastern regions moved down by INR 400-700/MT on W-o-W basis. The gap between imported and domestic scrap remained narrowed over the week.

Chennai based importers observed limited trades for West African scrap. Local HMS (80:20) prices stand at around INR 25,800/MT, ex- Chennai, down INR 500/MT W-o-W, 18% GST extra.

Ship breaking market eyes rebound - Dollar impending below 70 levels indicates sign of rebounce in Alang’s market. Two tankers comprising 45,541 LDT sold last week as Offshore and Green units continue to deliver into India over other subcontinent markets. Ship plate prices rebound today to INR 30,800-30,900/MT, ex-Alang levels for 16 mm after dipping down to INR 30,300/MT last week. Ship cutting prices assessed at USD 420-425/LDT for general dry bulk cargo; at USD 440-445/LDT for containers and at USD 430-435/LDT for tankers on CNF India basis respectively.

News No: 2773
Date: 2018/12/01 - 23:35
News Source: SteelMint

scrap market  India  HMS scrap  Alang’s market 

Comments:

Leave a Comment:

   
   
   
 

India: Ferro Chrome Prices Under Pressure Amid Sluggish Market

Indian Ferro Chrome stoops to new low in this week. Prices have been gradually falling down since last month due to low demand. Producers reported that the market is more inclined towards the buyers side.
 

India: SAIL Receives Good Response in Pig Iron Auction; 50% Material Booked

SAIL's pig iron auction conducted today for 6,500 MT steel grade pig iron from its Rourkela Steel plant (eastern India) has received quite better response in line with last auction which was held on 15th May'19.
 

What do HEG Ltd’s Q4 FY19 Results Reveal?

India’s Graphite Electrodes (GE) producer, HEG Limited has released its results for its last quarter of FY18-19 ended Mar’19.
 

India: Domestic HRC Offers Remain Under Pressure Over Low Priced Imports

This week Indian HRC trade prices continue to fall in few markets like Chennai, Ahmedabad and Hyderabad as demand failed to improve in domestic market. However in other regions like Mumbai , HRC prices have remained unchanged this week.
 

India: Domestic Pellet Prices Climb Further in Recent Deals

According to the market participants reported to SteelMint, Durgapur pellet prices have increased further in recent trades concluded today. In Durgapur (Eastern India) prices hike by around INR 500-600/MT D-o-D. SteelMint’s reference pellet price assessment stands at INR 6,900/MT against INR 6,300-6,600/MT /MT yesterday.
 

India: Raipur Pellet Prices Hit 3-Month High

Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners