Indian Scrap Prices Fall on Decline in Steel Prices
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The ferrous scrap industry in India has witnessed a decline in prices due to a drop in domestic demand for steel and its substitute products. This has decreased Indian scrap prices by around Rs 500-1,500/ton over the past week.
The correction in steel prices, sponge iron, and pig iron prices has further led to weak demand and prices for scrap.
Current Offers
Currently, HMS (80:20) grade offers in Ahmedabad, west India, stand at around Rs 38,000-38,300/ton, which is a down of Rs 500/ton over the past week. In South India, prices are hovering at Rs 36,000-36,500/ton on an ex-works basis, slightly falling by Rs 100-300/ton over the past week. In northern Punjab, prices stand at nearly Rs 41,300-41,500/ton on an ex-works basis, which is a decline of Rs 500/ton over the past week. All prices are excluding GST.
Imported scrap offers to India were around $460/ton CFR India for the shredded grade on bulk bookings, which slightly rose by $5/ton in a week.
Insight
Due to the ongoing decline in steel offers and the fact that demand slows down, the price movement of scrap in India will mostly be determined by domestic steel demand and imported scrap offers. So, it is anticipated that mid-sized steel prices would fluctuate as well, and as a result, the scrap market may witness variations in offers.
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