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India import shredded scrap prices rebound

Friday, 04 February 2022

Indian shredded scrap import prices recovered over the week to Feb. 4, as Indian mill demand was muted but increases were supported by a sharply rising international market, sources said.

S&P Global Platts assessed Indian imports of shredded scrap at $542.50/mt CFR Nhava Sheva Feb. 4, up $7.50/mt on week.

One trading source cited an indicative tradable value for containerized shredded scrap at $545/mt CFR Nhava Sheva on Feb. 4, but noted muted demand, while a second trading source cited a workable level at $545-$550/mt CFR Nhava Sheva.

Two other trading sources said $535-$540/mt CFR was workable on Feb. 3. One of the two traders said, “only one or two stainless/alloy mills will book at these prices,” while the second trader said demand was negatively affected by a slower finished steel market.

A fifth trading source said around $540/mt CFR was workable.

Limited bookings over the week to Feb. 4 into Pakistan were heard at $548-$550/mt CFR Port Qasim, with traders citing a rejected bid at $554/mt CFR Port Qasim, and an indicative tradable value as high as $560/mt CFR on Feb. 4.

Container freight rates were expected to rise $100/TEU to $2,800/TEU for the UK-Port Qasim route for loadings between Feb. 10-24, while a further hike of $200/TEU was expected for March loadings.

“Most traders will be paying over $3,000/TEU [or $111/mt] for containers very soon,” a UK trader said.

The UK-Nhava Sheva route was also expected to increase by similar levels from its current freight rate of $2,450/TEU in the coming weeks.

UK yards were heard to have accepted GBP 335/mt EXW for shredded scrap parcels for containerized export on Feb. 2, but some traders said even bids at this level on Feb. 3 were rejected, as yards anticipated further prices hikes in both bulk and containerized export markets.

The CFR Nhava Sheva shredded scrap index was assessed $52.90/mt over the weekly average of the benchmark Platts CFR Turkey premium HMS 1/2 80:20 index on Feb. 4, down $12.40/mt on week.

Historically, the India shredded scrap price has averaged $17.99/mt over the Platts CFR Turkey premium HMS 1/2 80:20 index.

-- Viral Shah

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