Imported ferrous scrap prices in India dropped by $15-20/mt as buyers shied away from trades. COVID-19 related lockdown has disrupted economic activities and logistics in the country. Domestic semi and finished steel prices declined by over Rs1,000-1,500/mt ($13-20/mt) in absence of demand in the market. The Indian currency breached Rs75 against US$1 mark on Thursday, from Rs73.96 on March 13, impacting seaborne trades.

 

The weekly Davis Index for containerised shredded dropped by $21/mt to $280/mt cfr Nhava Sheva on Friday. Early this week, shredded traded at $285/mt cfr Nhava Sheva. Prices subsequently dropped to $278-280/mt cfr Nhava Sheva late in the week. The Maharashtra state government on Friday, announced a complete lockdown to contain the spread of COVID-19, impacting loading operations at mills.  

 

The Davis Index for containerised P&S 5ft settled at $285/mt cfr Nhava Sheva, down by $18/mt from the prior week. The weekly Davis Index for busheling settled at $290/mt cfr Nhava Sheva, down by $18/mt from the prior week.

 

The weekly Davis Index settled at $245/mt cfr Nhava Sheva, down by $21/mt. Thin trades for turning concluded at $240-245/mt cfr Chennai.

 

A drop of over $15/mt in Turkish imported ferrous scrap prices tagged global prices to fall further. A few mills booked imported scrap for April shipments citing a shortage of domestic scrap. Supply from the US and Europe is also likely to dry out due to travel restrictions imposed across the world.

Nhava Sheva 

The Davis Index for UAE-origin containerised HMS 1&2 (80:20) dropped by $13/mt to $280/mt cfr Nhava Sheva on Friday. Loading for an older contract of Dubai-origin #1 HMS was at $285-290/mt cfr Nhava Sheva. But no new bookings were reported. HMS 1&2 (80:20) from South Africa was offered at $280-285/mt cfr Nhava Sheva. No trades were reported at those level as buyers fear permit issues faced by South African sellers would affect transactions.

The Davis Index for HMS 1&2 (80:20) from the UK and Europe settled at $260/mt cfr Nhava Sheva, down by $12/mt from last Friday.

 

Goa

Demand from mills for West African HMS 1&2 (80:20) dropped this week, as domestic sponge iron was available at lower prices. Sponge iron traded at Rs16,000-16,500/mt ex Bellary or Rs18,000-18,500/mt ($240-245/mt) del plant. Bids for HMS 1&2 (80:20) from West Africa were at $255-260/mt cfr Goa. 

 

Chennai 

Trades were limited as buyers and sellers failed to find a common ground for a second successive week. The Davis Index for US-origin HMS 1&2 (80:20) settled at $258/mt cfr Chennai, down by $17/mt from the prior week. The Davis Index for the UK and EU-origin HMS 1&2 (80:20) settled at $262/mt cfr Chennai, down $13/mt from the prior week. The Davis Index for Australia-origin HMS 1&2 (80:20) settled at $265/mt cfr Chennai, down by $13/mt from the prior week.

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