Indian imported ferrous scrap prices rose by $10-12/mt as mills continued to restock in the week. Mills opted for imported scrap, as supply of domestic scrap tightened across India. Gujarat-based steelmaker booked 30,000mt bulk cargo of shredded at $310/mt cfr Kandla.
The weekly Davis Index for containerised shredded settled at $312/mt cfr Nhava Sheva, up $9/mt from a week ago. Early this week, shredded traded at $308-312/mt cfr Nhava Sheva. Offers subsequently rose to $314-315/mt cfr Nhava Sheva, with no takers at those levels.
The Davis Index for containerised P&S 5ft settled at $316/mt cfr Nhava Sheva, up $10/mt. The Davis Index for Busheling settled at $326/mt cfr Nhava Sheva, up $13/mt from the prior week.
Turkish ferrous scrap prices for HMS 1&2 (80:20) lost their steam this week and fell by $3/mt to $277/mt cfr Turkey on Feb 26. Declining rebar prices in Turkey are likely weigh down ferrous scrap. Asian markets are expected to mirror the decline in Turkish scrap prices next week.
Indian rupee depreciated this week against the US$. US$1 was valued at Rs72 on Feb 28, from Rs71.65 on Feb 20.
HMS offers to Indian mills were limited this week. The containers in Europe are running out as nothing is being shipped back from the Eastbound to the Westbound. African suppliers faced difficulties with export permits, according to traders.
The Davis Index for Dubai-origin containerised HMS 1&2 (80:20) rose by $10/mt to $303/mt cfr Nhava Sheva on Friday. Early this week, Dubai origin #1 HMS traded at $300/mt cfr Nhava Sheva. A mix of P&S and HMS 1 from Dubai sold at $310/mt cfr Nhava Sheva.
HMS 1&2 (80:20) from South Africa was offered at $300-305/mt cfr Nhava Sheva, with thin trades concluding in this range.
No major deal was reported for Turning scrap in India and the Davis Index for the grade settled at $279/mt cfr Nhava Sheva, up $4/mt from the prior week, largely since offers were higher by $5/mt than bids.
Sheared HMS 1&2 (80:20) from UK and Europe traded at $280-285/mt cfr Nhava Sheva.
Although limited in supply, mills in Goa preferred buying West African HMS 1&2 (80:20) priced at $280-285/mt cfr Goa, up $5/mt from the prior week.
Demand for Imported scrap in Chennai remained subdued as mills struggled with weak domestic finished steel demand. Not many overseas supplier yards offered scrap, expecting better rates in their own domestic markets in March.
The Davis Index for US origin HMS 1 settled at $290/mt cfr Chennai, up be $5/mt from the prior week.
The Davis Index for UK and EU origin HMS 1&2 (80:20) settled at $285/mt cfr Chennai, up by $5/mt from the prior week.