Indias imports of U.S. and European heavy melt and
shredded scrap have almost completely stopped as an impasse
between bid and offer prices continues.
Offer prices from
exporters remained relatively unchanged this past week despite
a strengthening Turkish market, but failed to attract Indian
buyers, most market participants said.
Offers for shredded
scrap are at $380 to $385 per tonne c.f.r. Nhava Sheva, but
only two large Indian producers responded with bids $10 below
"There is no good news
from India," according to one Mumbai, India-based supplier and
trader. "Demand has gone out of the market. The auto sector is
down 30 to 50 percent, construction is down, power and
engineering is down. Everywhere it is a dull atmosphere."
Good quality heavy
melt scrap from the Middle East and Africa sold at up to $345
per tonne c.f.r. Nhava Sheva, while very small volumes of
shredded scrap from the region sold at $370 to $375 per tonne,
other sources said. There has been no buying by alloy steel
plants or stainless steel producers, several sources said.
A source at a large
exporter said only two large consumers had shown interest in
scrap this past week, but lower bid prices resulted in no
Most raw material
prices have dropped in India for different reasons, he said.
Scrap and pig iron prices have fallen on low buying activity
and sponge iron prices have declined due to an inventory
buildup. Only billet prices remain firm, he said.
have set their sights on North America, which is poised to
record higher domestic prices in the coming week, one North
American exporter said.
"I have heard scrap is
flowing from Europe to North America. I am sure it is due to
the slowdown in emerging markets and very low demand from
India," he said.
Some heavy melt
business into northern India concluded this past week at $355
per tonne for scrap sourced from the Middle East, with no sales
into Nhava Sheva, a second North American exporter said.
"Nhava Sheva is still
quiet. Besides, due to Diwali (a major Indian festival to ring
in the Hindu New Year) we will know more only after Nov. 6. I
havent heard of any sparkling deals on shredded scrap,"
While most sources in
the United States, Europe and India said there had been no
business to report this past week, only one exporter noted a
deal for shredded scrap at $385 per tonne.
definitely a lot more inquiries this (past) week and prices are
climbing. I wouldnt say that they are matching just yet
or that there have been a lot of sales. I think there will be a
lot more movement (in the coming) week as suppliers will also
be more inclined to sell as well after (U.S.) domestic has
settled," he said.