Scrap demand in seaborne market showed some resistance this week as buyers prefer to wait and watch.
Price sentiments of major markets
Turkey: Scrap prices in Turkey remained range bound due to increasing supplies from US amid upcoming Id festival. HMS (80:20) offers are assessed in the range of USD 220-225/MT, CFR Turkey against USD 225-230/MT CFR last week.
India: India all set to resume imported scrap trade. Offers of imported scrap were heard at the same levels. Shredded scrap offers heard at USD 240/MT, CFR India and HMS at around USD 222-225/MT, CFR European and US origin mix grade.
Indian sponge prices this week increased by upto INR 700/MT to INR 15,600-16,000/MT (USD 235-240) ex-works, west India. Domestic steel prices have stated increasing owing to rising export and expensive coking coal. Participants are expecting Indian buyers may return to market post monsoon.
Bangladesh: Scrap demand in other South Asian counties also remained weak owing to upcoming festival. Shredded offers to Bangladesh assessed at around USD 245/MT, CFR Chittagong and HMS at around USD 235/MT.
Pakistan: Shredded scrap offers to Pakistan reported at USD 235-240/MT levels and HMS at around USD 225-230/MT, CFR Port Qasim.
Global imported ferrous scrap offers in week 36
| Particular | Size | Prices | 1W | 1M | Remark |
| CNF India | HMS(80:20), Europe | 222-225 | 220 | 210 | Domestic billet prices surge. Buying enquiries begin as sponge prices surged by INR 1,000/MT over last month. |
| HMS-1, Middle East | 220-225 | 217 | 215 | ||
| HMS-1&2, S.Africa | 220 | 220 | 215 | ||
| Shredded, Europe | 240 | 230 | 223 | ||
| Shredded, US | 240-242 | 230 | 223 | ||
| CNF Taiwan | HMS(80:20), US | 212-215 | 222 | 204 | Prices fall on increasing supplies from US. |
| CNF Turkey | HMS(80:20), US | 220-225 | 229 | 229 | Prices remain range bound on increasing supplies from US. |
| CNF Bangladesh | Shredded, Australia/Europe | 245-250 | 245 | 235 | Buying activities to pick up post festival; prices firm. |
| HMS 80:20, Australia/Europe | 235-240 | 235 | 220 | ||
| CNF Pakistan | Shredded, US/Europe | 235-240 | 235 | 230 | Buying activity remains dull due to festive season. |
Prices in USD/MT
Source: SteelMint Research
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