Imported ferrous scrap prices in India dropped by $7-10/mt as the market turned silent this week. Market sentiments were negative amidst the global spread of Covid-19. Steelmakers fear global steel prices could become bearish once China resumes seaborne trades.
Trades also slowed down due to depreciation of the Indian currency. Indian rupee crossed the Rs74 against US$1 mark on Friday first time after Oct 2018.
The weekly Davis Index for containerised shredded fell by $7/mt to $305/mt cfr Nhava Sheva on Friday. Early this week, shredded traded at $308-310/mt cfr Nhava Sheva and prices subsequently dropped to $304-305/mt cfr Nhava Sheva late in the week.
On Friday, offers fell further to $300-302/mt cfr Nhava Sheva. Still, mills were unwilling to accept those prices.
The Davis Index for containerised P&S 5ft settled at $308/mt cfr Nhava Sheva, down by $8/mt from the prior week.
The Davis Index for Busheling settled at $316/mt cfr Nhava Sheva, down $10/mt from the prior week.
Nhava Sheva
The Davis Index for Dubai-origin containerised HMS 1&2 (80:20) dropped by $8/mt to $295/mt cfr Nhava Sheva on Friday, as buyers stayed away from trades.
HMS 1&2 (80:20) from South Africa was offered at $295-300/mt cfr Nhava Sheva with thin trades in the range.
Dubai origin #1 HMS traded at $300/mt cfr Nhava Sheva.
The Davis Index for HMS 1&2 (80:20) from West Africa settled at $272/mt cfr Nhava Sheva, down $7/mt from the prior week. Sheared HMS 1&2 (80:20) from the UK and Europe traded at $275/mt cfr Nhava Sheva, down $5/mt from last Friday. Bids fell below $270/mt cfr Nhava Sheva.
Goa
A few containers were booked by mills of West African origin HMS 1&2 (80:20) at $270-275/mt cfr Goa, down $10/mt from the prior week.
Chennai
Trades of imported scrap were low in the week.
Australia origin HMS 1&2 (80:20) traded in the range $280-285/mt cfr Chennai, down $5-10/mt from the prior week.
The Davis Index for US-origin HMS 1&2 (80:20) settled at $278/mt cfr Chennai, down $10/mt from the prior week. The Davis Index for UK and EU origin HMS 1&2 (80:20) settled at $280/mt cfr Chennai, down $5/mt from the prior week.