Slowed off-take and low demand for finished steel are pressuring scrap intake, ultimately resulting in a fall in offers. Bids have fallen considerably, and, owing to the recent drop in Turkey scrap bookings, Indian mills anticipate a price decline in the coming days, sources tell Kallanish.

Offers for containerised US-, UK-, and EU-origin shredded scrap plummeted to $450-455/tonne cfr Nhava Sheva and Mundra. The majority of bookings in Nhava Sheva were concluded at $455/t earlier this week; however, the prices fell further to $450/t from Wednesday through Thursday.

Offers for UK-origin PNS were heard at $465-470/t cfr Nhava Sheva; however, the bids were noted at $460/t cfr, and UK-origin bushelling (GI coating mix) was heard at $465-470/t cfr Mundra on Wednesday and Thursday.

Bookings for UAE-origin fabrication scrap were heard at $470-473/t cfr Mundra, destined for Punjab.

Bookings for Kuwait-origin HMS were heard this week at $450-460/t cfr Mundra. Bahrain-origin HMS was heard at $448-452/t cfr Mundra, Punjab, and Nhava Sheva. United Arab Emirates-origin HMS was booked at $445-450/t cfr Mundra and Nhava Sheva.

Deals for West African-origin HMS 80:20 scrap were concluded at $430/t cfr Mundra in 20- to 21-tonne containers. Meanwhile, West African-origin HMS 80:20 in 22-23t and 25-26t containers was heard done at $435/t and $440/t cfr Mundra, respectively. Bookings for Yemen-origin HMS mixed bundles were heard at $425-430/t, while Yemen-origin HMS deals without bundle mix were concluded at $433-435/t cfr Mundra in 40-foot containers.

An offer for Brazil 90/10 scrap was heard at $440-445/t cfr Mundra; however, no bookings were done. Europe-origin 80/20 were booked at $430-435/t cfr Mundra this week.

"The finished sales are still low, and a majority of mills are just booking limited quantities to run their operations," says a source. "We feel the market will improve in the coming days, and it will gradually help the scrap imports as well."

Offers for ship scrap from containers were heard at $600/light displacement tonne (ldt). Scrap from dry bulkers and tankers is hovering at $570/ldt and $580/ldt, respectively.