Middle East ferrous scrap (HMS) offers to India this week remain lower as Pakistan reduces buying. Market participants report, Pakistan custom officials are strict in clearing HMS cargo as traders use to import re-rolling scrap in name of HMS.
Middle East exports around 1.5 MnT of scrap. Out of which 90% is being sold to India and Pakistan, due to freight advantage and less voyage time. UAE is the largest exporter in Middle East.
Middle East current offers to India for HMS 1 (25 MT container load) are assessed at USD 265-270/MT CFR India, which was at around USD 275-285/MT CFR India last week. Indian importers prefer to wait as domestic steel prices remain volatile.
Shredded Scrap
Shredded scrap offers are assessed at around USD 290-295/MT CFR India, USD 295/MT CFR Pakistan and USD 300-305/MT CFR Bangladesh.
Global Imported Ferrous Scrap Offers in Week 3:
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 265 | 265 | 247.5 |
| HMS-1, Middle East | 270 | 275 | 242.5 | |
| HMS-1&2, S.Africa | 265 | 265 | 240 | |
| Shredded, Europe | 295 | 295 | 270 | |
| Shredded, US | 295 | 295 | 275 | |
| CNF Taiwan | HMS(80:20), US | 255 | 260 | 242.5 |
| CNF Turkey | HMS(80:20), US | 290 | 290 | 276 |
| CNF Bangladesh | Shredded, Australia/Europe | 305 | 305 | 281.5 |
| HMS 80:20, Australia/Europe | 285 | 285 | 265 | |
| CNF Pakistan | Shredded, US/Europe | 295 | 295 | 272.5 |
Source: Steelmint Research
Leave a Reply