Imported scrap price rally that had continued from mid – Oct’16 may see further rapid gain from next week as iron ore cross USD 80/mt. Where as scrap prices remain firm this week.
Turkey is the major buyer of imported scrap had reported price firm this week as USA origin trade are at USD 267/MT and Europe at USD 260/MT.
India Currency demonetization halted Steel trade:
Imported containerized of shredded scrap offer to India remain firm at USD 270-275/MT from Europe,UK and USA origin. HMS 1&2 offers are at USD 250-260/MT.
A Wada (Mumbai) based manufacturer stated that “India steel prices will increase minimum by INR 1,000 -1,500/MT due to currency demonetization. Domestic scrap trading got hit as manufacturer fix local HMS scrap price at INR 15,000-15,500 + ED +VAT. Due to non availability of authentic bills scrap viability is low.”
Also a Jalna based manufacturer added “Next week lot of imported scrap delivery is expected. Plant will run smoothly” .
– Dubai based heavy HMS heard traded at USD 255-260/MT (25mt) loading.
– Pakistan shredded traded at USD 275 Europe origin qty 1000 Mt. Buyers and sellers are continue active in present offers.
– Bangladesh offers of Austria shredded scrap deal heard at USD 270/MT. Present offers from Europe, UK are at USD 280-285/MT no trade heard.
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