India has resumed imported scrap trade this week. However, prices in other seaborne markets have remained stable as limited trade took place during week 38.
Major Market Scenario
Turkey: Scrap prices in Turkey have opened with a fall of USD 3/MT post EID holidays. Here, HMS (80:20) offers are assessed in the range of USD 215-220/MT, CFR Turkey against USD 223/MT, CFR last week.
India: The nation has resumed imported scrap bookings in West and South Coast areas, including Nhava Sheva, Kandla, and Chennai Ports. A deal of containerized shredded imported scrap of Australia/Europe/USA origin to South India was heard to settle at USD 235-237/MT, CFR India. Meanwhile, another deal of HMS 80:20 of UK/Australia origin was concluded at USD 220-225/MT to West Coast. Few shipments of shredded to Kandla Port were also heard to settle at USD 236-238/MT for Oct’16 deliveries.
Analyzing domestic market, Indian Pig iron prices have increased sharply by INR 2,500/MT to INR 20,700/MT (USD 305-310/MT) ex-works, East Coast due to expensive coking coal prices. C-DRI prices are hovering in the range of INR 13,100-15,250/MT (USD 195-227/MT) ex-works. Indenters are expecting Indian buyers’ buying will improve further on account of rising Pig iron and sponge prices in domestic market.
Bangladesh: Scrap prices in other South Asian nations remained dull owing to correction in Chinese steel prices. Few buyers have postponed their buying to next week, viewing the downtrend in the global market. Shredded offers to Bangladesh are assessed at around USD 245-247/MT, CFR Chittagong and HMS at around USD 230-235/MT.
Pakistan: Shredded scrap offers to Pakistan are evaluated at USD 240-245/MT and HMS at around USD 222-227/MT, CFR Port Qasim.
Global Imported Ferrous Scrap Offers in Week 39
| Particular | Size | Prices | 1W | 1M | Remark |
| CNF India | HMS(80:20), Europe | 220-223 | 225 | 220 | Indian buying will improve further on account of rising Pig iron and sponge prices in domestic market |
| HMS-1, Middle East | 220 | 222 | 217 | ||
| HMS-1&2, S.Africa | 220 | 220 | 220 | ||
| Shredded, Europe | 235-240 | 240 | 230 | ||
| Shredded, US | 235-240 | 240 | 230 | ||
| CNF Taiwan | HMS(80:20), US | 208 | 213 | 222 | Prices fall on low trade activities |
| CNF Turkey | HMS(80:20), US | 220 | 223 | 229 | Prices corrected amid limited buying and increased sellers |
| CNF Bangladesh | Shredded, Australia/Europe | 247 | 247 | 245 | Buyer will take buying enquiries next week |
| HMS 80:20, Australia/Europe | 235 | 235 | 235 | ||
| CNF Pakistan | Shredded, US/Europe | 237 | 237.5 | 235 | Limited trade heard |
Offers in USD/MT
Source: SteelMint Research
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