Tight supply and decent demand in Turkey have continued to support global scrap prices.
Imported scrap offers to India remain unchanged this week. HMS 80:20 offers from Europe are assessed at around USD 195/MT (+/- 5), CFR India. While, Shredded (US/Europe origin) offers are heard to be around USD 205-210/MT, CFR India.
Similarly, HMS 1&2 offers from Middle East also remained same at USD 195/MT, HMS 1 at USD 210-212/MT and Blue steel/fabrication at USD 220/MT, CFR India. Whereas, African offers looked vanishing from the Indian market owing to license renewal issues with suppliers.
“Their is good demand for scrap in global market as well as in domestic European market. But on the same hand, low collection of scrap due to cold weather is resisting us to export scrap aggressively rather encouraging for domestic consumption”, said a European supplier.
Outlook
According to market participants, scrap market is expected to remain strong till February, until the scrap suppliers and buyers are actively back in the market.
Turkey is also heard to have already imported Chinese billet as per the yearly quota decided by the government. Hence, there is not many chance to hear new bulk trades in couple of months. As a result, Scrap suppliers seem to be free from the billet pressure for the time being.
Global Scrap Offers
| Particular/Delivery | Size/Grade | Price in USD/MT | W-o-W Change |
| CNF Mumbai, India | HMS(80:20),Europe | 195 | 0 |
| HMS-1,Middle East | 210 | 0 | |
| HMS-1&2,Middle East | 195 | 0 | |
| HMS-1&2,S.Africa | 205 | 0 | |
| Shredded,Europe | 205-210 | 0 | |
| Shredded,US | 205 | 0 | |
| CNF Taiwan | HMS(80:20),US | 150 | 0 |
| CNF Turkey | HMS(80:20),US | 195 | 0 |
| FOB Rotterdam, Europe | HMS(80:20),Europe | 165-168 | 0 |
| FOB US East Coast | Shredded,US East Coast | 180 | 0 |
Source: SteelMint Research
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