Imported scrap offers to India go down marginally on currency depreciation and volatility in domestic steel prices.
Imported scrap offers to India this week were mostly heard in the lower range of USD 225-230/MT for HMS 1&2 and USD 245-250/MT for shredded (ISRI 211).
Fall in European currency by around 2.5% in a week’s time has provided room for European suppliers to cut down offers for scrap. Secondly, the sudden rise and fall in domestic steel prices last week has made importers & suppliers little cautious.
Suppliers who were determined to sell European shredded scrap at USD 250/MT last week, are now readily offering at USD 245-250/MT, but the buying interest is seen at USD 240/MT, CFR India.
HMS 80:20 is being offered at USD 225-230/MT, CFR India. Last week the offers for HMS 80:20 were more inclined towards USD 230/MT, which have softened to USD 225/MT, CFR.
Also, HMS 1 (25 tonnes loading) offers from Middle East which were running bullish last week at USD 245/MT on increased demand from north India, is now stable at USD 240-242/MT, CFR India. Offers for HMS 1 (25 tonne loading) from South Africa stays at USD 235/MT, CFR India. Similarly, offers for blue steel from Middle East (Dubai origin) are heard at USD 255-260/MT, CFR India.
Scrap offers for plates & structural (P&S) heavy material from Singapore are heard at USD 255-260/MT, CFR India.A recent deal of around 3,000 MT P&S is heard to be settled at USD 252-255/MT, West Coast of India.’
Scrap offers fall in Turkey
Imported scrap offers in Turkey witnesses a fall of around USD 8-10/MT last week. The domino effect of currency devaluation in the world economies hit Turkish currency as well. Scrap importers in Turkey looked hesitated on the back of expensive imports along with rumors in the market about bulk shipment of Chinese billet booked at lower level i.e below USD 300/MT, CFR Turkish port.
A scrap trader confirmed this saying, “A deal for 40,000 MT Chinese billet is settled at USD 295-296/MT, CFR Turkey port. The last deal before Yuan started to depreciate was closed at USD 315/MT, CFR. This sudden fall has again led to bearish sentiments here.”
Meanwhile, billet from CIS nations is still at USD 320/MT levels, CFR Turkey port.
Leave a Reply