Amid strengthening of demand for finish steel and expectations for scrap prices to have bottomed out, Asian scrap markets have resumed bulk scrap imports recently.
In recent conversations with market participants SteelMint learned that, ferrous scrap importers from India and Bangladesh have already booked bulk scrap import vessels and Pakistan based importers have turned also active in bulk scrap vessel bookings despite of slight upward movement in prices.
“Asian markets have turned active in bulk scrap imports. Bulk buying interest turned strong over the anticipation of further increment in the scrap prices after Chinese (Lunar New Year) Holiday.” – shared a market participant.
Two bulk scrap import bookings reported in Bangladesh –
A leading steel mill in Bangladesh has booked two bulk scrap import vessels containing total around 60,000-65,000 MT scrap. According to sources, out of two vessels, one vessel has been booked from a UK based supplier containing 35,000 MT while in another deal heard USA based leading supplier sold a vessel containing 25,000-30,000 MT mix cargo at around USD 380-385/MT, CFR Chittagong.
Indian steel mills booked around 4-5 bulk vessels in a month’s time –
In last one month’s time, Indian steel mills booked around 4-5 bulk vessels for March shipments and fetched good volumes of scrap. Last week a bulk vessel of 32,000 MT was booked containing mix grades of scrap comprising 10,000 MT HMS 1&2 (80:20) at USD 378/MT, 15,000 MT Shredded at USD 383/MT and P&S at USD 388/MT, CFR Kandla respectively. As per sources, the vessel was booked by a consortium of Gujarat based steel plants.
Pakistan importers turn active, trades in containers increase further –
On the other hand importers from Pakistan remained strong in containerized thin trades since 2-3 weeks. Few thin trades for Shredded 211 concluded in the market this week.
Offers for Shredded 211 scrap in containers assessed around USD 385/MT, CFR Pakistan. However few sources mentioned that a supplier concluded a deal of UK origin Shredded scrap in containers at around USD 390/MT, CFR Pakistan.
Offers for HMS 80:20 in containers from Dubai assessed at around USD 375/MT, CFR Port Qasim. Thus, these offers have moved up this week by USD 10/MT W-o-W.
However, no bulk scrap import vessel was heard to have booked in Pakistan recently.
Leave a Reply