Healthy demand for ferrous scrap in India and a $10/mt drop in imported scrap price from the prior week boosted containerised scrap trades this week.
The Davis Index for shredded scrap fell by $6/mt to $293/mt cfr Nhava Sheva from a week ago. Traders offered containerised shredded at $295-300/mt cfr Nhava Sheva.
Mills stayed away from the market this week as they expected prices to drop further. A bulk cargo for US-origin HMS 1&2 (80:20) was offered at $290/mt cfr Kandla but found no takers.
The Davis Index for Dubai-origin HMS 1&2 (80:20) in containers dropped by $10/mt to $281/mt cfr Nhava Sheva Friday. HMS 1&2 (80:20) from South Africa lowered to $290/mt cfr Nhava Sheva and #1 HMS from Dubai traded at $285-290/mt cfr Nhava Sheva.
The Davis Index for turnings scrap remained unchanged at $265/mt cfr Nhava Sheva from the prior week as trades concluded at index price.
Busheling scrap in containers traded at $308-310/mt cfr Nhava Sheva and P&S sold at $303-305/mt cfr Nhava Sheva while West African HMS 1&2 (80:20) traded at $280-285/mt cfr Goa and cfr Mundra.
Domestic heavy melt scrap prices in India were also impacted by a drop in domestic steel prices in the second half of the week. Mills restocked Indian iron ore at higher prices amid mining license expires expected at the end of March quarter. Market participants expect a recovery in steel prices following government’s budgetary allocation of new infrastructure projects.