Trades for imported ferrous scrap are likely to increase for the next couple of weeks with mills ramping up production. Domestic scrap generation has taken a hit causing a scarcity in India. With little or no demand for finished steel in the market, mills have been exporting steel semis to a few European, Middle Eastern and Asian countries.
Bookings for HMS 1 &2 of Australia and Africa-origins (80:20) were heard at $250-255/mt. Offers for shredded were heard in the range of $270-280/mt cfr Nhava Sheva.
India’s April imports dropped by 68.8pc to 21,3000mt from 681,000mt in the prior-year period.
US remained the major exporter of scrap to India with 51,000mt in April 2020 followed by UK 22,000mt, South Africa 10,000mt. Scrap imports from the UAE were at 9,000mt.
Scrap containers remained stuck at ports as transportation services remained shut. Most major shipping lines extended waivers for detention fees for containers stuck at the port and inland container depot.
Scrap collection at Indian ports in April 2020