Global scrap prices surged on active deep sea cargo bookings by Turkish steel mills. Following the suit, prices in Asian markets – India, Bangladesh and Pakistan observed hike in imported scrap offers. However domestic scrap prices in China remained unchanged ahead New Year holidays.
Imported scrap prices in Turkey surge as mills aggressively book cargoes- Steel mills have continued procurement at increased prices in a recent lot of fresh bookings. Prices have increased by USD 5-6/MT against the last report on Monday. With this, prices have hit 2-month high as these levels were last seen towards the end of Nov’18. HMS (80:20) assessment now stands at USD 315/MT, CFR Turkey.
Imported scrap offers to India up, limited deals reported – SteelMint’s assessment for containerized Shredded from the USA and UK stands at around USD 335/MT, CFR Nhava Sheva, up USD 10-15/MT against the last weeks’ report of USD 320-325/MT, CFR.
In recent trades heard, containerized Shredded scrap was sold at around USD 330-332/MT, CFR from Europe and UK origin. However, not many deals were reported at increased offers.
Dubai based containerized HMS 1 assessed at around USD 320-325/MT, CFR Nhava Sheva. While limited trades from the Middle East HMS heard in the range of USD 320-325/MT, CFR depending on quality.
Imported scrap offers in Pakistan climb further – SteelMint’s assessment for Shredded scrap moved up at USD 328-333/MT, CFR Qasim. In recent trades, Shredded 211 from UK and US origin sold at around USD 330/MT, CFR. However, asking rates for Shredded stand in the range of USD 330-335/MT, CFR Qasim, pulling assessment up 7-8/MT on a weekly basis.
The announcement of the Mini budget brought very few substantial changes in the steel sector. Steel mills were hopeful for some positivity to change current poor-condition of the industry. However, it was not enough to bring any significant change keeping local market deprived of improvement for yet another week.
Domestic scrap prices in Bangladesh fall – According to sources, asking rates for containerized Shredded scrap are being reported in the stable range of USD 345/MT, CFR Chittagong from suppliers in Europe, UK and USA. However, no major trade has been reported so far in the market. SteelMints’ price assessment for Shredded moved up by USD 10/MT W-o-W as against the last weeks’ report of USD 330-335/MT, CFR. However domestic scrap prices in Bangladesh have come down towards the week close and local melting scrap was assessed at BDT 36,000/MT.
Shagang Steel scrap purchase prices remain unchanged – China’s largest scrap consumer, Shagang maintained scrap prices unchanged at RMB 2,650/MT inclusive of 16% VAT for HMS (6-10 mm thickness) in Zhangjiagang.
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