Dear Customers,
To expand SMM’s coverage of the international ferrous scrap market and provide greater price transparency for participants in India’s imported scrap trade, SMM will launch six daily ferrous scrap price assessments on 17 August 2026.
The new assessments will reflect prevailing spot-market transaction levels for US- and UK-origin HMS 1&2 (80:20), shredded scrap and No. 1 HMS delivered to major Indian ports. The assessments will be based on information collected from suppliers, traders, steelmakers and other active market participants, including confirmed transactions, bids and offers that meet or can be normalized to SMM’s assessment specifications.
India is an important destination for internationally traded ferrous scrap, while the United States and the United Kingdom are established suppliers to the Indian market. The new assessments will provide independent benchmarks for procurement negotiations, contract valuation, market analysis and risk management.
Details of the New Price Assessments
| Price assessment | Price definition | Quality standard | Delivery basis |
| US-Origin HMS 1&2 (80:20) Scrap CFR India | US-origin HMS 1&2 (80:20) scrap, CFR main Indian ports, USD/tonne | ReMA 200–206 | CFR main Indian ports |
| UK-Origin HMS 1&2 (80:20) Scrap CFR India | UK-origin HMS 1&2 (80:20) scrap, CFR main Indian ports, USD/tonne | ReMA 200–206 | CFR main Indian ports |
| UK-Origin Shredded Scrap CFR India | UK-origin shredded scrap, CFR main Indian ports, USD/tonne | ReMA 211 | CFR main Indian ports |
| US-Origin Shredded Scrap CFR India | US-origin shredded scrap, CFR main Indian ports, USD/tonne | ReMA 211 | CFR main Indian ports |
| UK-Origin No. 1 HMS CFR India | UK-origin No. 1 HMS scrap, CFR main Indian ports, USD/tonne | ReMA 200–202 | CFR main Indian ports |
| US-Origin No. 1 HMS CFR India | US-origin No. 1 HMS scrap, CFR main Indian ports, USD/tonne | ReMA 200–202 | CFR main Indian ports |
Assessment Specifications
- Assessment frequency: Daily on Indian working days
- Information-collection window: 12:00–13:00 India Standard Time
- Publication time: 14:00 India Standard Time
- Currency and unit: USD/tonne
- Minimum cargo size: 500 tonnes
- Shipment period: 45–60 days
- Payment terms: Settlement in USD through an L/C at sight, CAD or other payment terms normalized to the assessment standard
- Tax basis: Exclusive of applicable taxes and duties
HMS 1&2 (80:20) comprises approximately 80% No. 1 HMS and 20% No. 2 HMS. HMS No. 1 consists of wrought iron and/or steel scrap with a minimum thickness of 1/4 inch (6 mm), while HMS No. 2 includes wrought iron and steel scrap, including black and galvanized steel, with a minimum thickness of 1/8 inch (3 mm).
Shredded scrap comprises homogeneous iron and steel scrap that has been shredded and magnetically separated. The material primarily originates from automobiles and may include No. 1 and No. 2 steel, baling scrap and sheet scrap, with an average density of approximately 70 pounds per cubic foot.
SMM will prioritize confirmed arm’s-length transactions, followed by firm bids and offers and corroborated market indications. Reported information may be normalized for differences in origin, grade, destination port, quantity, shipment period and payment terms in accordance with the SMM price methodology.
The six assessments will be published under International Steel Scrap Prices from 17 August 2026.
SMM welcomes feedback from market participants regarding the new assessments.
Shanghai Metals Market (SMM)
Steel Research Team
14 August 2026