The weekly Davis Index for shredded scrap dropped by 11/mt to $299/mt cfr Nhava Sheva. Imported ferrous scrap prices fell by $10-12/mt in India and impacted finished steel prices, which fell by Rs1,000/mt early in the week. The finished steel prices, however, increased by Rs1,000/mt late in the week on recovered demand.
Global ferrous scrap prices dropped sharply in short-sea trades to Turkey by $14/mt from a week ago. US origin HMS 1&2 (80:20) index stood at $278/mt cfr Turkey.
Trades in containers for shredded concluded at $305/mt cfr early in the week and $298-300/mt cfr Nhava Sheva towards the weekend.
Traders were holding offers for shredded scrap in the range of $305-310/mt cfr Nhava Sheva, expecting the market to steady in Feb-March, given iron ore supply glut. Bids for shredded remained on the lower side at $295-300/mt cfr Nhava Sheva.
The Davis index for Dubai-origin HMS 1&2 (80:20) containers dropped by $3/mt to $291/mt cfr Nhava Sheva ON Friday. HMS 1&2 (80:20) from South Africa lowered to $295/mt cfr Nhava Sheva, while #1 HMS from Dubai traded at $290-300/mt cfr Nhava Sheva.
P&S scrap in containers concluded in the range of $305-310/mt cfr Nhava Sheva. However, with limited takers in the market, the weekly index closed at $306/mt cfr Nhava Sheva, down $9/mt from a week ago.
The Davis index for European turnings scrap fell to $265/mt cfr Nhava Sheva from $273/mt cfr Nhava Sheva the prior week. Trades concluded at $265-270/mt cfr Nhava Sheva and Chennai.
India’s domestic HMS scrap prices remained volatile prices in the range of Rs22,500-23,000/mt ($316-323/mt) ex-yards Mumbai. Fall in imported scrap prices has created a competitive edge over domestic scrap this week. Trades for imported scrap are expected to increase in coming days, said a trader.