Imported scrap offers to India have risen further on the backdrop of global pick up. However, Indian buyers are showing resistance.
Offers for imported scrap offers have picked up by another USD 5-10/MT this week. Shredded offers, which were assessed at USD 265-270/MT, are today not found less than USD 275/MT, CFR India. However, Indian buyers are still quoting not higher than USD 250-255/MT levels.
Comparatively, affordable DRI prices in domestic and handful of scrap bulk shipments arrived at Indian ports have made Indian buyers carefree about booking at the moment.
Offers for European HMS are hovering within USD 260-270/MT levels, while, the same grade (25 tonnes loading) offers from Middle East nations are assessed at USD 275/MT, CFR India.
Scrap offers in Turkey
Scrap offers in Turkey improved further this week by almost USD 10/MT. HMS 80:20 scrap from Europe are heard at around USD 265/ MT, CFR Turkey. Whereas, from USA, the same grade scrap is offered at around USD 275-280/MT, CFR Turkey. Shredded are found in the range of USD 282-285/MT, CFR Turkey.
Scrap offers in South Asian nations
Looking at global price rise, offers in Bangladesh have also improved. Australian HMS 80:20 scrap offers were reported at USD 270-280/MT, CFR Bangladesh. Whereas, Shredded were at USD 285-300/MT, CFR Bangladesh.
“European scrap offers are currently non workable for us (expensive). We are getting comparatively better offers from Australia”, said a billet manufacturer in Bangladesh.
Meanwhile, scrap offers in Pakistan remained bullish. Buyers in Pakistan are quite active in market and booking vigorously. Current offers to Pakistan for HMS are evaluated at around USD 270/MT, CFR basis. Whereas, Shredded are assessed at USD 280-282/MT. Few deals were heard to have being concluded at USD 275-278/MT levels.
Scrap offers in South East Asian nations
Scrap offers in Taiwan have increased by around USD 10-15/MT from previous week. HMS offers from USA and Japan, which were around USD 220-225/MT, CFR Taiwan last week, are now assessed at USD 240-250/MT, CFR.
Global scrap offers as on 20 Apr’16
| Particular/Delivery | Size/Grade | Offers in USD/MT |
| CNF India | HMS(80:20), Europe | 260-265 |
| HMS-1, Middle East | 270-275 | |
| Shredded, Europe | 275 | |
| CNF Taiwan | HMS(80:20), US | 240-250 |
| CNF Turkey | HMS(80:20), US | 265-280 |
| FOB Japan | Busheling Shredded | 260 |
| FOB Europe | HMS(80:20) | 250-255 |
| FOB US East Coast | Shredded | 270-275 |
Source: SteelMint Research
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