Imported Scrap Prices Uptick Further by USD 2-4/MT

Turkey buying strengthens further as price reach CFR USD 227-232/MT.

Global imported scrap prices this week rise further as Turkey buying remain strong, HMS 80:20 USA origin traded at USD 230-232/MT and Europe origin at USD 225-227/MT, up by USD 2-3/MT as per last week assessment.

Global trade: 

1. Pakistan: Presently most active market in Asia region, deal heard of shredded scrap at USD 241-243/MT qty 8,000 MT to four companies. HMS offers at USD 225-230/MT from UK origin.

2. India: Buying remains dull due to fall in domestic steel prices. MS billet price in ex-Mumbai fall by INR 1,500/MT (USD 22-25/MT) in last 15 days. Sponge iron CDRI 80 Fe offers at INR 15,500-16,000/MT (USD 230-240/MT) FoR to Mumbai.

Offer of Shredded scrap inch up further to USD 240-243/MT from US/Europe/UK origin. However last deal was made at USD 236/MT after that no latest trade heard in present offers.

Middle East regions HMS heavy scrap offer of 25MT loading are at USD 230/MT and for 23 MT at USD 222-225/MT.

3. Bangladesh: Chittagong Port presently experiencing container congestion due to local labor and transport issues. It’s been completely not clear when the issue will get resolve. However, as per indenter, situation may get settle down with 7-10 days. Present offers
of HMS 80:20 are at USD 235-240/MT and Shredded at USD 248-250/MT from Europe and UK. Few deals of HMS 80:20 learned at USD 235-237/MT levels.

Global imported ferrous scrap offers in week 44:

Source: SteelMint Research