Following the drop in containerised imported scrap offers, Indian bulk imported scrap offers fell remarkably in recently concluded deals. The drop is attributed mainly to a decline in bookings by other importers, namely Pakistan, Bangladesh, and Turkey, Kallanish notes.

On Friday, a deal for 40,000 tonnes of UK-origin shredded and HMS was booked at an average of $400/tonne cfr Chennai. According to sources, HMS in the deal was pegged at $395/t cfr Chennai and shredded at $405/t cfr.

A deal for 33,000t of US-origin shredded, PNS, and HMS was also booked on Friday at an average of $409/t cfr Chennai. The cargo includes 22,000t of shredded and PNS, and 11,000t of HMS.

“India has increased intake of bulk imported scrap, considering the fall in the domestic sentiments of Pakistan and Bangladesh,” says a source. “We expect more bookings to be done in the coming days.”

These bookings follow the previous deal done for a US-origin 32,000t bulk cargo at an average of $427/t cfr India for a single discharge at Chennai, and $431/t for a double discharge at Chennai and Kandla. The 32,000t parcel includes 10,000t bonus, 8,000t HMS, and 14,000t shredded scrap.

In Pakistan, a bulk vessel containing 29,000t of UK-origin shredded is expected to arrive at Port Qasim on 5 August, after being booked in June at $480/t cfr Port Qasim. Sheikhoo Steel is heard as the largest among the three or four buyers of the cargo.

In Bangladesh, the last bulk booking was heard for 30,000t of Australia-origin bonus and HMS scrap at an average of $427.5/t cfr Chittagong. This parcel includes 18,000t bonus booked at $430/t cfr Chittagong and 12,000t HMS at $425/t cfr Chittagong.