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Overseas scrap prices continue to stay weak because of low steel prices.
Mills prefer cheaper domestic scrap over expensive imports.
Uncertainty in the market and a lackluster demand keep trade in scrap sluggish.
Indian imported scrap prices still come under pressure with muted steel prices and risk-averse sentiment encouraging mills to look towards cheaper local scrap supplies. Sourcing suggests containerized shredded scrap bids from major sources such as the UK and the Middle East range around $360-370 per tonne CFR Nhava Sheva, with not many takers.
The main cause of the trend is the weak demand in India's infrastructure and construction industries, which has prevented steel prices from surging. Consequently, mills are not willing to price an agreement for pricey foreign scrap and rather prefer locally available substitutes, which are currently trading ₹1,500-2,000/tonne lower than foreign material.
Scrap importers are also being pinched by volatile freight prices and poor external demand. Traders reported only some mills with immediate needs are booking small lots, and others will wait for a price realignment or better finished steel demand.
Market players anticipate that this conservative outlook to prevail until June 2025, absent stabilization of domestic steel prices or better demand.
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