Monthly Archives: November 2018

India: NMDC Cuts Iron Ore Prices upto 7.8% for Dec – Sources

NMDC Ltd , India’s biggest iron ore producer, has cut prices of the mineral by up to 7.8% percent for December, SteelMint learned from market sources.

The public sector miner, which fixes prices at every month, cut prices of lump ore to 3,550 rupees ($50.7) per wet metric tonne (wmt) from 3,850 rupees/wmt, iron ore fines to 3,110 rupees ($44.4) per wet metric tonne from 3,310 rupees/wmt, DR CLO from 4,620 rupees/wmt to 4,260 ($60.8) rupees/wmt, according to sources.

Reasons for fall in prices

1. Merchant miners in Odisha decreased prices in Last week of November on falling sponge and steel prices

2. Indian pellet export prices have dropped in last one month of the absence of buying interest from China.

3. Falling global iron ore prices coupled with appreciating Rupee has made imports more attractive.

 

Japan – Flat Steel Export Increases by 15% M-o-M in Oct’18

According to latest customs data released, Japan flat steel exports which includes 7208 (HR coils /Plates),7209 (CR coils),7225 (Electrical sheets),7210/7212(GP/GC) stood at 2.09 MnT in Oct’18 surge by 15% M-o-M against 1.82 MnT in previous month.

However on yearly basis nation’s flat steel export volumes rose  by 11% in Oct’18 against 1.89 MnT in Oct’’17.

According to METI,Ministry of Economy,Trade and Industry anticipates surge in steel exports as nation steel export to United states is weakening amid strong demand in domestic market.However Japan’s trade with both China and the United States has remained resilient despite a tit-for-tat tariffs war between those two countries

During first ten months of Jan-Oct’18, nation’s flat steel exports stood at 20.52 MnT fell by 3% which was 21.1 MnT in same time frame of previous year.

Thus, Japanese steelmakers are enjoying solid domestic demand from automakers and machinery manufacturers as well as the construction sector, which is busy with projects for the 2020 Tokyo Olympics.But natural disasters and glitches at their facilities have prevented them from producing as much steel as they had planned.

Commodity Wise Flat steel exports from Japan in Oct’18

Sub Commodity Oct’18 Sep’18 M-o-M 
(Change in %)
Oct’17 Y-o-Y
 (Change in %)
HRC/Plate 1.1 0.96 14.58 1.02 7.84
Electrical Steel 0.5 0.45 11.11 0.43 16.27
Galvanized Steel 0.24 0.23 4.34 0.24 0
CRC 0.24 0.16 50 0.18 33.33
Others 0.02 0.01 100 0.01 100
Grand Total 2.09 1.82 15% 1.89 11%

Quantity in MnT
Source-SteelMint Research

Country-wise Japan Flat steel exports in Oct’18- China remained the largest flat steel importer of Japan and imported 0.39 MnT in Oct’18 up by 15% against 0.34 MnT in previous month.

Second largest importer was Thailand at 0.41 MnT in Oct’18 up by 28% as compared to 0.32 MnT in previous month.

Third largest importer was South Korea at 0.28 MnT,in Oct’18 rose by 17% against 0.24 MnT a month ago.

Other major importers were Vietnam at 0.17 MnT in Oct’18 against 0.13 MnT in previous month.Followed by Mexico which remain stable at 0.15 MnT,Indonesia at 0.13 MnT,India at 0.06 MnT and Malaysia at 0.09 MnT in Oct’18.

Japan flat steel imports in Oct’18- Nation’s flat steel imports stood at 0.4 MnT surge by 38% as compare to 0.29 MnT in previous month.However on yearly basis the same up by 21% in Oct’18 which was 0.33 MnT in previous year.

Country-Wise Japan flat steel imports- In Oct’18 Japan mainly imported flat steel from Korea at 0.25 MnT ,Taiwan at 0.10 MnT and China at 0.05 MnT.

 

 

Japan: Billet Exports Increase 23% in October

Japan – world’s one of the largest steel producer has reported surge in Billet exports by 23% M-o-M in Oct’18. However on Y-o-Y basis, Oct’18 figures down by 16%, as per recent released custom data.

Japan’s Billet exports recorded at 0.32 MnT in Oct’18 increased by 23% as against 0.26 MnT in previous month. However, the exports fell by 16% in the same month as against previous year at 0.38 MnT (Oct’17).

Further, the country’s total Billet exports during Jan-Oct’18 stood at around 2.8 MnT, slightly fall by 3% which was about 2.89 MnT during Jan-Oct’17.

Taiwan remains the largest importer of Japanese Billet in Jan-Oct’18 with a contribution of around 45.34% (1.42 MnT), followed by South Korea 26.17% (0.82 MnT), Thailand 13.65% (0.43 MnT) & Philippines 5.45% (0.17 MnT).

Key Updates:

–Japan crude steel output moved up by 2% to 8.56 MnT in Oct’18 as compared to 8.42 MnT in Sep’18. Meanwhile on Y-o-Y basis nation’s crude steel output drop by 4.5% to 8.97 MnT in Oct’17.

–Japan’s leading EAF steel mini-mill – Tokyo Steel has slashed scrap purchase prices for 8th time in Nov’18. As per new price circular released, prices reduced by JPY 500/MT (USD 4) at all five works of the company in Japan. Revised price stands at JPY 32,500/MT for Utsunomiya plant located in the Kanto region hitting almost 1 year low as similar price levels were last seen in Nov’17.

–South Korean leading steelmaker Hyundai Steel placed bids for Japanese H2 at JPY 30,500/MT, FoB Japan today.

 

Daily Update: Indian Semis Offers Rise Further

Indian Iron & Steel prices increase further on day trade activities, supported by improved demand from domestic buyers. The participants reported increase local inquiries, this led to surge in prices by INR 100-500/MT in Billet & INR 100-300/MT in Sponge iron.

The major price rise in Billet seen in Western India – Gujarat & Maharashtra by INR 300-500/MT, while in remaining markets it increase by INR 100-200/MT, day-on-day.

Participants believed, prices less likely to significant fall and are expected to volatile or pick gradually.

SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,800-34,700/MT (USD 441-498) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 20,500-21,900/MT (USD 294-314); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

On 30th November 2018 (Friday) INR to USD exchange rate stood at INR 69.71.

BSE Sensex closed at 36,194(+23) on Friday, as against last day (Thursday) at 36,170(+453).

NSE Nifty50 index was closed today at 10,876(+18).

Raw Materials

OMC has scheduled its next iron ore lump e-auction on 03 Dec’18, base prices decreased by INR 400/MT against the previous e-auction conducted on 03 Oct’18.

— According to the latest assessment of Coking coal, spot prices of the Premium HCC rise slightly & reported at around USD 224/MT FoB Australia.

South African RB2 (5500 NAR) coal offers are assessed at USD 61/MT on FoB basis & USD 75/MT CNF India.

Semi Finished

Indian Sponge iron export deals concluded close to USD 338/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 357-358/MT CFR Chittagong, Bangladesh.

Raipur, Central India based Integrated plants offers increased by INR 200-300/MT, offering Sponge P-DRI at INR 20,300-20,400/MT & Sponge DR CLO grade at INR 22,600-22,800/MT ex-plant.

Rashmi Metaliks in Durgapur has raised sponge prices by around INR 300/MT and today offers for P-DRI heard at around INR 20,700-20,800/MT – Sources.

Raigarh based Singhal Steel offered P-DRI at INR 19,600/MT ex-Raigarh, an official reported. Also, the company offered Billets at INR 31,500/MT FoR Raipur.

Odisha based medium size sponge manufacturers offered FeM 80 C-DRI (70:30 mix material) at INR 20,800-21,000/MT ex-plant & excluding GST.

BMM Ispat in South India (Karnataka) has increased offers for FeM 80 P-DRI by INR 200/MT to INR 19,800/MT ex-Bellary, an official reported.

BIOP Steels in South India has offered FeM 80 & 82 C-DRI lumps at INR 20,600/MT & INR 21,000/MT ex-plant, Karnataka; an official reported.

Finished Long

Vizag Steel (RINL) has reported sharp fall in Wire rod production by 25% M-o-M in Oct’18 and stood at 53,000 MT, as per recent released data by JPC.

Raipur based wire rod manufacturers increased offers by INR 200/MT and trade discount through the manufacturers/suppliers assessed at around INR 800-1,200/MT. The offers for 5.5mm wire rod is hovering at INR 38,500/MT ex-Raipur & INR 38,100-38,500/MT ex-Durgapur.

Rashmi Metaliks has slightly increased Wire rod offers and reported at INR 38,000/MT (5.5mm), ex-Kharagpur

Raipur based ERW pipe manufacturers increased prices by INR 500-600/MT & offers reported at around INR 38,700/MT ex-plant & excluding GST.

Rebar (12 mm)

GK TMT based in Central region, Raipur offering at INR 37,700/MT, up by INR 200/MT (10-25mm)

Rathi Steels based in North region offering at INR 38,500/MT up by INR 350/MT.

Raipur based – SPEED TMT unchanged their offering at INR 35,200/MT.

Raigarh based Anjani Steels Limited (Radhe TMT) offering at INR 35,600/MT up by INR 300/MT.

Gujarat based Shreeyam Power & Steel Industries Ltd (National TMT) offering at INR 38,000/MT FoR up by INR 500/MT.

Gujarat based, Akshar TMT offering at INR 37,800/MT FoR up by INR 600/MT.

Jalna based SRJ Peety Steels Pvt Ltd (Shree Om) TMT unchanged their offering at INR 36,500/MT.

South region based Tulsyan NEC Steel (Tulsyan) unchanged their offering at INR 40,000/MT.

South region based – VRKP Steel Industry Pvt Ltd – VRKP tmt unchanged their offering at INR 39,100/MT.

Chennai based ARS Steel (Trusteel) unchanged their offering at INR 41,400/MT.

East region based – Baba Smelter Pvt. Ltd offering Structure (125,150 Channel) at INR 39,250/MT up by INR 500/MT.

East region based – Shakambhari Ispat & Power Ltd has offered Wire Rod 5.5 mm at INR 38,500/MT, up by around INR 700/MT and TMT offering at INR 37,800/MT, up by INR 500/MT, ex-work, excluding GST.

Note – the prices mentioned above are ex-work, excluding GST & changes are placed on day basis.

Reference prices as on 30th November 2018

Particular/Delivery Size, Grade, Origin Prices Min Max Change 1W 1M
Scrap Ex-Alang HMS(80:20) 26,800 26,700 26,900 + 400 27,000 26,900
Ex-Mumbai HMS(80:20) 25,800 25,700 25,900 + 100 26,500 25,500
Ex-Chennai HMS(80:20) 25,900 25,800 26,000 + 100 26,300 26,800
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 21,700 21,600 21,800 + 200 22,350 23,100
Ex-Rourkela Mix, FeM 80%, +/-1 20,800 20,800 21,000   0 21,600 22,000
Ex-Raipur Mix, FeM 80%, +/-1 21,900 21,800 22,000 + 300 22,300 22,900
Ex-Bellary Lumps, FeM 80%, +/-1 20,500 20,400 20,600 + 100 20,800 21,300
P-DRI Ex-Durgapur Lumps, FeM 78%, +/-1 20,700 20,600 20,800 + 200 21,350 22,000
Ex-Raipur Lumps, FeM 80%, +/-1 20,300 20,200 20,400 + 200 20,750 21,200
Ex-Bellary Lumps, FeM 80%, +/-1 19,900 19,800 20,000 + 100 20,300 20,500
Ex-Hyderabad Lumps, FeM 80%, +/-1 20,400 20,300 20,500 + 100 20,800 21,600
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 34,200 34,100 34,300 – 100 34,850 36,000
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 31,400 31,300 31,500 + 100 32,100 33,700
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 30,500 30,400 30,500 + 150 31,400 32,700
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 30,900 30,800 31,000   0 31,850 32,900
Ex-Mumbai 3.5 x 4.5 Inch, IS 2830 33,100 33,000 33,200 + 300 33,500 33,300
Billet Ex-Mandi Gobindgarh 125×125 mm, IS 2831 34,700 34,600 34,800 – 100 35,450 36,800
Ex-Durgapur 125×125 mm, IS 2831 31,700 31,600 31,800 + 100 32,500 34,000
Ex-Rourkela 125×125 mm, IS 2831 30,900 30,800 31,000 + 100 31,700 33,200
Ex-Raipur 125×125 mm, IS 2831 31,300 31,200 31,400 + 100 32,300 33,700
Ex-Ahmedabad 125×125 mm, IS 2831 33,500 33,400 33,500 + 500 34,150 34,500
Ex-Mumbai 125×125 mm, IS 2831 33,300 33,200 33,400 + 300 33,700 33,500
Ex-Chennai 125×125 mm, IS 2831 34,000 33,900 34,100   0 34,500 35,000
Ex-Hyderabad 125×125 mm, IS 2831 33,000 32,500 33,000   0 33,500 34,000
TMT Ex-Delhi/NCR 12-25 MM, IS 1786- 500 Fe 37,300 37,100 37,400 + 400 38,200 38,900
Ex-Durgapur 12-25 MM, IS 1786- 500 Fe 37,100 36,900 37,300 + 300 37,800 39,500
Ex-Raipur 12-25 MM, IS 1786- 500 Fe 35,100 35,000 35,200 + 200 35,700 36,400
Ex-Mumbai 12-25 MM, IS 1786- 500 Fe 36,400 36,100 36,600   0 37,000 37,000
Ex-Chennai 12-25 MM, IS 1786- 500 Fe 38,500 38,300 38,700   0 39,000 39,900
Ex-Hyderabad 12-25 MM, IS 1786- 500 Fe 37,000 36,800 37,200   0 38,000 38,000
Wire Rod Ex-Durgapur Wire Rod(5.5 MM) 38,200 38,000 38,400 + 500 38,600 40,000
Ex-Raipur Wire Rod(5.5 MM) 38,500 37,500 38,500 + 200 39,100 40,000

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

 

India: SCCL Records Highest-Ever Rake Movement in a Single Day

Singareni Collieries Company Ltd (SCCL), in association with the Railways has attained its highest ever rake movement on 27 Nov’18. The miner had supplied coal through 46 rakes on Tuesday, thus making a new record in the process.

Total coal dispatch for the day was marked at 243,732 MT, while corresponding production was 227,798 MT. Notably, the coal output and dispatch were recorded highest in a day for the FY19.

Regarded as the second-largest coal producing entity after CIL, SCCL has also been in spotlight to meet the coal demand at the power stations and maintain surplus stock available to them.

Out of the 46 rakes, SCCL had dispatched 12 rakes to the power plants run by TANGEDCO, 6 to APGENCO power stations, 5 to the power plants of Karnataka power Corporation (KPCL), remaining rakes were supplied to the various other power stations in India.

SCCL’s rake movement in November has reached 1,083 till 29 Nov’18, which is the highest monthly total for FY19. Besides, the present average for rake movement in Nov’18 stood 13% higher on the month at 37.34 against 33.03 in Oct’18.

SCCL Rake Movement

The company is majorly dependent on Rail mode for coal transportation, which accounts for more than 60% of the total dispatch.

SCCL’s has dispatched 36.93 MnT coal during the first 7 months of FY19 (Apr’18-Oct’18), of which 23.52 MnT coal was transported through Rail.

 

Iran: Steel Demand Likely to Fall Further Ahead of Winter Season

Iran, one of the largest billet exporter in MENA region has exported 1,806,000 MT billet and bloom during the first seven months of current Persian year (21-Mar till 22-Oct’18). The nation has witnessed a drop in export demand after the economic sanctions imposed by US. It is expected that demand for steel will reduce further due to winter seasons.

According to Mr. Mohammad Azad, Head of Tehran Iron and Steel Union, “Unfortunately in the next two months, steel producers will face a drop in exports, which will have a negative impact on their performance.

He added” Due to onset of the winter season, decline in demand has occurred in the market and this is causing problems to manufacturers by reducing their exports. When the demand is not good in the market, the manufacturers are forced to put their products in storage, but this does not mean hoarding the goods.”

Pointing out to the need of government involvement, he said “the government should make a decisive decision to reform the domestic iron market, it should be noted that the demand should increase at the market level in order to boost the steel production sector. As the producer will not produce if he cannot sell his product on the domestic and foreign markets.”

Iran: KSC Pushed Domestic Billet Offers in Iran

According to SteelMint’s assessment, domestic bullet offer during week 47 (17 Nov – 22 Nov’18) had an upward trend. During the beginning of last week, domestic billet offers was noted to be around IRR 36,800/KG (USD 876/MT). During mid-week, KSC offered its billet at IME at USD 830/MT excluding 9% VAT which affected free market owing to which offers in free market went up to IRR 37,140/KG (USD 884/MT). Towards end of last week billet offers were noted to be around IRR 37,070 – 37,090/KG (USD 883/MT).

Commodities 17/11/2018 18/11/2018 19/11/2018 20/11/2018 21/11/2018 22/11/2018
Scrap          32,450          32,330          32,370          32,110          33,070          32,320
Billet          36,800          36,810          36,830          37,140          37,090          37,070
Rebar          42,810          42,710          42,780          42,690          42,560          42,390
Difference between Scrap-Billet            4,350            4,480            4,460            5,030            4,020            4,750
Difference between Billet-Rebar            6,010            5,900            5,950            5,550            5,470            5,320

Units: IRR/KG
Source: Planner
1 USD = IRR 42,000

Inputs from Minews

 

Japan: Iron Ore Imports Up 7% in Oct’18

Japan, the second largest iron ore importer of the world, recorded iron ore imports at 10.6 MnT in Oct’18, up 7% as against 9.92 MnT in Sep’18. However, on yearly basis imports increased 4% against 10.24 MnT in Oct’17.

For the duration Jan-Oct’17, iron ore imports witnessed at 103.64 MnT almost in line with imports in last year for Jan-Oct’17 at 104.11.

Japan’s Crude Steel output up marginally in Oct’18

In Oct’18, Japan’s crude steel output increased slightly to 8.56 MnT against 8.43 MnT in Sep’18.On yearly basis, the output dropped marginally as compared to Oct’17 productions at 8.97 MnT.

The non-agglomerated (fines/lump) iron ore imports in Oct’18 witnessed at 9.32 MnT, up 9% M-o-M as against Sep’18 imports at 8.55 MnT. On yearly basis, imports increased 11% as compared to Oct’17 imports at 8.43 MnT.

Agglomerated (pellets/concentrate) imports recorded at 1.28 MnT in Oct’18, down 7% M-o-M as against 1.37 MnT in Sep’18. The agglomerated ore imports in Oct’18 stood 29% down on yearly basis as against 1.81 MnT in Oct’17.

Australia exports to Japan increased marginally

Australia continues to remain the largest iron ore exporter to Japan for the month of Oct’18 with total quantity of 6.03 MnT(up 5% on monthly basis) contributing 57% share of total Japanese import, followed by Brazil at 2.67 MnT (down 5% M-o-M).

Canadian exports to Japan witnessed significant increase to 0.86 MnT in Oct’18 as against 0.25 MnT a month ago.

Country Wise Iron Ore Import

 Country Oct-18 Sep-18 M-o-M (%) Jan-Oct’18 Jan-Oct’17 Y-o-Y (%)
 Australia 6.03 5.74 5% 60.83 60.54 0%
 Brazil 2.67 2.82 -5% 27.68 27.21 2%
 Canada 0.86 0.25 244% 5.08 5.4 -6%
 South Africa 0.45 0.42 7% 3.49 3.26 7%
 United States 0.26 0.4 -35% 1.43 1.6 -11%
 Ukraine 0.17 0.09 89% 0.96 0.88 9%
 Others 0.15 0.19 -21% 4.17 5.23 -20%
 Grand Total 10.6 9.92 7% 103.64 104.11 -0.5%

Quantity in MnT
Source: Japan Customs
Provisional Data

 

Japan: Tokyo Steel Scrap Prices at Utsunomiya Works Hit 1 Year Low

Steelmaker cuts scrap prices further by JPY 500/MT (USD 4) at all works today

Japan’s leading EAF steel mini-mill – Tokyo Steel has slashed scrap purchase prices for 8th time in Nov’18. As per new price circular released, prices reduced by JPY 500/MT (USD 4) at all five works of the company in Japan. New prices shall be effective from tomorrow.

Tokyo steel’s H2 prices stand at JPY 31,500/MT (USD 277) for largest plant Tahara in central Japan and for Okayama works in western Japan. Bids for the same grade noted at JPY 30,500/MT for its Takamatsu steel center, JPY 33,000/MT for Kyushu plant.

Revised price stands at JPY 32,500/MT for Utsunomiya plant located in the Kanto region hitting almost 1 year low as similar price levels were last seen in Nov’17.

According to sources, domestic scrap prices continue downtrend on the ongoing difficult situation for new export contracts. South Korean Hyundai Steel placed bids for Japanese H2 at JPY 30,500/MT,FoB Japan. Following which export offers have also come under pressure and stand in the range JPY 31,000-32,000/MT (USD 273-282), FoB.

Market turns uncertain if prices have hit bottom or not. Suppliers believe that they do not see a bottom yet even after sharp fall in the prices.

Tokyo Steel’s scrap purchase price effective from 1st Dec’18 –

Scrap Grade Name of Work of Tokyo Steel 
Tahara  Plant Okayama  Plant Kyushu  Factory Utsunomiya Factory Takamatsu Steel Center
Special Class (H2) 31,500 31,500 33,000 32,500 30,500
First Grade 31,000 31,000 32,500 32,500 30,000
Second Grade 29,500 29,500 31,000 31,000 28,500
New Cutting Press A 36,500 33,500 35,000 36,000 32,500
Shredder A 33,500 32,000 33,500 33,000 31,000
Shredder C 33,000 31,500 33,000 32,500 30,500

Prices in Japanese Yen/MT for transport on land,
Source: Tokyo Steel Reports

 

Indian Sponge Iron Prices Rise After Witnessing Downturn

Indian sponge iron market has find support on recent hike in domestic billet prices by about by INR 200-700/MT (USD 3-10) in a day. The participants stated better demand against the previous day.

Further, as per manufacturers buying interest was supported at bottomed out prices. Also they stated, looking at bottom line prices, the furnaces had resumed purchases which was halted since few days.

Following increase in prices, the latest offers for Pellet sponge (P-DRI) in major markets stood – at around INR 20,300-20,500/MT ex-Raipur, INR 20,700-20,800/MT ex-Durgapur and INR 19,800-20,000/MT ex- Bellary for 78-80 FeM grade.

A day before the producers in East India, Rourkela, Odisha – which is the mining rich state, have raised their sponge prices by INR 200/MT on improved demand from local market and North-east regions and major deals for local market reported at INR 21,000/MT (ex-plant) for FeM 80 C-DRI mix material.

Meanwhile, the participants in Central India, Raipur observing that the local pellet prices are low levels and are less expected for further sharp fall, hence indicates limitations for drop in sponge prices, this has improved demand for sponge iron and led to surge in prices by around INR 500/MT since last day.

In Southern India – Hyderabad, the buyers – furnace owners reported healthy purchase for FeM 80 P-DRI at INR 20,000-20,200/MT in last two days. Thus with improving demand the prices moved up and assessment stood at INR 20,300-20,500/MT ex-plant.

BMM Ispat, the major sponge producer in the region, having sponge iron production capacity of 2,300 TPD (0.7 MnT pa), today has raised sponge prices by INR 200/MT and latest offers for P-DRI (FeM 80) reported at INR 19,800/MT ex-plant. Another renowned manufacturer in the state namely BIOP Steel who makes prime grade material (high metalization) is offering C-DRI lumps – FeM 80 at INR 20,600/MT & FeM 82 at INR 21,000/MT ex-plant.

 

India: Imported Scrap Market Inquiries Up on Strengthening Rupee

SteelMint learned from market participants that Indian imported scrap market observed increased inquiries on strengthening of Rupee against USD. However, offers remained almost stable after moving down by USD 10/MT over the week following slide in global offers. Limited trades concluded as market observes “wait & watch” scenario. Participants turn hopeful on pickup in trade activities next week.

SteelMint’s assessment for containerized Shredded of UK and Europe stands at around USD 340-345/MT, CFR Nhava Sheva, down USD 10/MT as against USD 350-355/MT report last week. Minor trades for Shredded scrap reported at around USD 340/MT, CFR during mid of the week.

Offers for Dubai and UK based HMS 1 stand at USD 325-330/MT, CFR Nhava Sheva. While  HMS 1&2 (80:20) assessed stable at around USD 325-328/MT from Europe and other origins. South African HMS 1&2 stands at around USD 340/MT, CFR Nhava Sheva.

Limited trades for West African HMS 1&2 scrap heard this week. Offers for 22 MT containers loading stand at USD 317-320/MT, CFR Chennai and an assessment stands at around USD 315-320/MT, CFR Nhava Sheva in 20-21 MT containers.

Slight pickup in activities is expected in next few days after which US/UK suppliers are likely to close down on seasonal concerns.” shared a source.

INR has been recovering successively and hit 3-month high. It stands at 69.8 against USD today, which was at 71 levels a week ago.

Indian domestic scrap prices inch up after falling – Local HMS scrap prices slightly move up today after falling this week in major markets. Currently, HMS 1&2 (80:20) basic prices stand at INR 25,600-25,800/MT (USD 369-370), ex- Mumbai, down INR 800/MT as against last week’s report. Prices in Northern, Central and Eastern regions moved down by INR 400-700/MT on W-o-W basis. The gap between imported and domestic scrap remained narrowed over the week.

Chennai based importers observed limited trades for West African scrap. Local HMS (80:20) prices stand at around INR 25,800/MT, ex- Chennai, down INR 500/MT W-o-W, 18% GST extra.

Ship breaking market eyes rebound – Dollar impending below 70 levels indicates sign of rebounce in Alang’s market. Two tankers comprising 45,541 LDT sold last week as Offshore and Green units continue to deliver into India over other subcontinent markets. Ship plate prices rebound today to INR 30,800-30,900/MT, ex-Alang levels for 16 mm after dipping down to INR 30,300/MT last week. Ship cutting prices assessed at USD 420-425/LDT for general dry bulk cargo; at USD 440-445/LDT for containers and at USD 430-435/LDT for tankers on CNF India basis respectively.