Indian Scrap Prices Rebound As Steel Market Recovers
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The Indian scrap industry has been experiencing a price rebound due to the increasing demand and prices for steel and its substitute products. Surged steel prices have had a direct impact on domestic scrap suppliers for keeping their offers higher.
Except in south India, Indian scrap prices have increased in a week by Rs 200-1,200/ton on rally steel prices of mid-sized (secondary) steel mills. The surge in steel prices and sponge iron have collectively contributed to the increase in demand and prices for scrap.
Current Offers
Currently, HMS (80:20) grade offers in west India stand at around Rs 37,000-38,000/ton, which is an increase of Rs 700-1,200/ton over the past week.
In south India, prices are hovering at Rs 36,000-37,000/ton on an ex-works basis, fluctuating by Rs 300-500/ton over the past week.
In north India Punjab, prices stand at nearly Rs 41,000/ton on an ex-works basis, rallied by Rs 800-1,000/ton over the past week. All prices are excluding GST.
Imported scrap offers to India were around $450-455/ton CFR India, for the shredded grade, slightly dropping by $5-10/ton in a week.
Way Ahead
Scrap price movement will largely depend on domestic steel products, which are expected to remain volatile as the continued rally in steel offers, and demand generally slows down after a certain level. Hence, it is expected that the steel prices of mid-sized will also fluctuate, and accordingly, the scrap market may register changes in offers.
Insight
The Indian scrap industry is experiencing a price rebound due to the surge in steel prices and its substitute products. The increase in demand and prices for scrap is a positive sign for the industry, and it is expected to have a positive impact on the overall segment. The industry will continue to monitor the price movements of scrap, and it is expected that any changes in the steel market will have a direct impact on the scrap industry.
Read more: Indian Pellet Prices Fall Further As Buyers Put Fresh Bookings On Hold
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