India's Imported Scrap Prices Continue To Fall

Some Indian scrap importers agreed to sign contracts at low prices this week. However, expectations for a drop were strong as domestic demand for finished steel weakened.
An Indian trader sold 1,000 tonnes of UK shredded scrap to domestic steelmakers this week at $432/t cfr. Another trader sold 500-1,000 tonnes of the same material at $429/t CFR. A small cargo (300t) of HMS 1 from West Africa was traded at $415/t cfr. In addition, buyers bought HMS scrap from Latin America at $410-415/t cfr; however, this information had not been confirmed at press time.
Most players are waiting for scrap prices to drop further. “Indian mills are unable to buy scrap as finished product sales are very sluggish, and major mills are expected to lower prices for June in the near future,” said an Indian trader. Furthermore, demand in Turkey has not improved despite the elections being over. Indian ports continued to clear scrap from the UAE this week, albeit at a somewhat slow pace, especially at the port of Nhava Sheva.
Offers for shredded scrap in Europe and the US have stabilized at $430-435/t cfr this week. The quotation of African 1 and 2 mixed heavy waste (80:20) dropped by US$10/ton to US$415/ton CFR. The price of European heavy 1 and 2 mixed heavy waste (80:20) is 420 US dollars / ton CFR, a month-on-month decrease of 5-10 US dollars / ton.