India's High Melting Scrap market extended its late-June weakness, with weekly assessments indicating sustained downward momentum and reinforcing the broader monthly decline. Early in the month, the market remained relatively steady with consistent buying activity, but by mid-June, subdued mill procurement and thin spot trading weighed on sentiment, prompting sellers to trim offers. The weaker end-of-month trend reflected a market where ample domestic availability reduced the urgency for seaborne purchases, even as logistical headwinds highlighted potential constraints on imported cargoes. The steel and melt-shop sector remained the primary demand driver, with High Melting Scrap serving mainly as a key melt-shop and steelmaking feedstock. However, procurement from steel mills softened throughout the month, while domestic recyclers increased supply, meeting most of India's High Melting Scrap requirements and leaving imports to cover the remaining demand. This rebalancing between domestic and imported material kept the CFR market subdued despite stable downstream steel production. Looking ahead, the near-term outlook remains bearish, driven by abundant domestic supply and cautious buying. However, potential import disruptions and continued logistical challenges could limit further declines, while any improvement in steel mill procurement may provide support, subject to prevailing market conditions.
High Melting Scrap prices in India remained under pressure through late June **** as comfortable domestic availability and subdued procurement from steel mills continued to weigh on market sentiment. Throughout June, buyers largely adopted a need-based purchasing strategy, while abundant locally sourced material reduced the urgency for imported cargoes. Early June trading remained relatively stable, but buying activity weakened by mid-month as mills limited spot purchases amid sufficient inventories. By late June, sellers continued to trim offers to encourage transactions, leaving the High Melting Scrap market driven by ample domestic supply rather than supply disruptions or cost pressures.
The steel sector remained the principal consumer of High Melting Scrap, with the material serving as an essential melt-shop feedstock. However, procurement from domestic mills remained muted throughout June, with ChemAnalyst data indicating thin spot trading and cautious purchasing behaviour. Meanwhile, domestic...
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