Imported scrap price continues to remain stable in global market. Containerized shredded scrap CNF price are assessed at USD 225-240/MT and HMS scrap at USD 210-230/MT to major importer countries.
In rise to coking coal and iron ore prices, imported scrap prices also in major seaborne market remain firm and positive during week 43.
Key trade highlights:
1. Turkey: US origin prices in Turkey remain stable at USD 222-225/MT CIF and Europe origin at USD 217-219/MT. Rising domestic steel prices in Turkey support the prices and increase the demand further.
2. India: India domestic steel price during this week plunge by INR 600-900/MT due to high finish inventory and rising sponge iron production. Sponge Iron price (C-DRI, 80 FeM) in west India are at INR 15,000/MT (USD 220/MT). Manufacturers are cautious to book scrap looking sluggish steel demand.
It should be noted India has recently booked 6-7 bulk vessels from US, Europe, Canada and UK in the last 3-4 weeks. India booked two bulk vessels from the US, three from Europe, one from the UK and one from Canada. Average price of shredded is at USD 240-245/MT and HMS USD 233-235/MT CIF India. Vessels are expected to reach India approx mid of Nov’16.
a. US origin shredded containerized scrap offer heard sold out for Nov and Dec’16 delivery by most of the indenters. Last deal of shredded heard at USD 230-231/MT CIF Nhavashiva.
b. Europe origin Shredded scrap offer heard at USD 234-236/MT to West coast. Mix cargo of 2,000 MT sold at Shredded at USD 235/MT and HMS at USD 225/MT for Nhava shiva.
c. Middle East origin HMS (23 tonnes loading) stable at USD 220-225/MT and HMS (25 tonnes loading) to USD 230-235/MT, CFR Nhava shiva.
d. South Africa origin HMS 80:20 container offers at USD 225/MT CIF Kandla.
3. Pakistan: Buyers remain active as shredded scrap, Europe origin deal heard at USD 232-236/MT levels from different indenters. “Low buying in India market push exporter to match Pakistan buying”.
4. Bangladesh: Major steel companies buying remain absent as offers remain standstill, shredded at USD 240-245/MT and HMS at USD 230-235/MT.
Global imported ferrous scrap offers in week 43
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 220-222 | 222 | 225 |
| HMS-1, Middle East | 230 | 232 | 222 | |
| HMS-1&2, S.Africa | 222 | 222 | 220 | |
| Shredded, Europe | 233-235 | 235 | 240 | |
| Shredded, US | 230-232 | 231 | 240 | |
| CNF Taiwan | HMS(80:20), US | 190-192 | 190-194 | 213 |
| CNF Turkey | HMS(80:20), US | 222-225 | 220 | 223 |
| CNF Bangladesh | Shredded, Australia/Europe | 240-245 | 237 | 247 |
| HMS 80:20, Australia/Europe | 230 | 230 | 235 | |
| CNF Pakistan | Shredded, US/Europe | 232-236 | 235 | 237.5 |
Source: SteelMint Research
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