Few imported HMS trades were heard in India this week amid indications of softening global market with Turkish mills staying silent for almost a week. Inquiries, however, picked up in the week. Trades for shredded were very few. Most steelmakers have ramped up production.  

 

Due to a fall in domestic steel prices by Rs700-1,200/mt in the last three days, most buyers refused to accept higher offers. Mills exported billets at $398-405/mt fob India levels, prices which were down $5/mt from the prior week. On a cfr basis, Filippino buyers were unwilling to pay over $435/mt cfr Philippines against offers of $445/mt cfr, and thus trades slowed late in the week. 

 

In the bulk market, a few cargoes for HMS 1&2 (80:20) from the US West Coast were offered at $300-305/mt cfr Kandla. Bids, however, were not above $295/mt cfr Kandla. Many buyers are expecting prices trend flat to down in the coming days and slowed bookings on Friday. 

 

The index for containerized shredded settled at $307.83/mt cfr Nhava Sheva on Friday, down by around $7/mt from the prior week. A few trades for US-origin containerized shredded reported in the range of $308-310/mt cfr Mundra this week, against offers of $312-315/mt cfr Nhava Sheva. On Friday, bids even fell to $305-307/mt cfr Nhava Sheva, with sellers unwilling for trades at those levels. 

 

The Davis Index for UAE-origin containerized HMS 1&2 (80:20) settled at $295/mt cfr Nhava Sheva, down by around $10/mt from the prior week. UAE suppliers have been preferring the Pakistan market after returning from Eid holidays since bids by Pakistani buyers are higher compared to those by their Indian or Bangladeshi counterparts. 

 

A few trades for Brazilian and Australian-origin HMS 1&2 (80:20) were at $285-295/mt cfr Mundra and Nhava Sheva, down by $5/mt from the prior week. The weekly Davis Index for UK/Europe-origin HMS 1&2 (80:20) settled at $283/mt cfr Nhava Sheva, down by $3/mt from the prior week. Offers for UK-origin HMS 1&2 (80:20) were at $285-290/mt cfr Nhava Sheva. 

The index for US-origin HMS 1&2 (80:20) settled at $297.86/mt cfr Nhava Sheva, up by $2.03/mt from Thursday, down by $7.86/mt from the prior week. The index for South African HMS 1&2 (80:20) settled at $295/mt cfr Nhava Sheva, up by $7/mt from the prior week. 

 

In Goa, inquiries for imported ferrous scrap slowed as domestic sponge iron prices have started to decline. Mills in Chennai bought West African HMS 1&2 (80:20) at $270-275/mt cfr Chennai, prices which were down by $5-10/mt from the prior week. 

 

The weekly indexes for higher grade scrap like busheling and P&S in containers settled unchanged at $325/mt cfr and $313/mt cfr Nhava Sheva, respectively. Trades for busheling were at around $325/mt cfr Mundra levels. The weekly index for Turning scrap rose by another $4/mt to $275/mt cfr Nhava Sheva. Brazilian traders sold Turning at $265/mt cfr Chennai this week. 

 

Subcontinent 

The Davis Index for containerized shredded, Friday, settled at $301.25/mt cfr India subcontinent down from $309.59/mt a week ago. The Davis Index for containerized US-origin HMS 1&2 (80:20) settled at $285.97/mt cfr, down from $293.48/mt cfr India subcontinent. 

 

($1=Rs74.9)

 

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