Global Scrap Price Continue to Rise; Indian offers Follow Suit

Turkey Bulk Scrap price rose further as HMS 80:20 US origin trade assessed at USD 255-257/MT. HMS 80:20 UK origins assessed at USD 248-250/MT. Price have increased by USD 10-13/MT on 8th Feb’17.

Market participant expect price will now be stable at this level. “Buyers booked cargo due to improved domestic demand in Turkey” said UK based supplier.

Containerized Freight to Rise USD 200 per Container

SteelMint learned from sources that container freight is expected to rise from 1st March by USD 200/container from present approx USD 600 to USD 800/container. It will impact cargo price to USD 9-10/MT to Asia Buyers.

“There is expectation of general rate increase in container freight by USD 200/container from Mar’17. It will impact the Asia buyer directly” Said an UK based supplier.

Offers to India rise in line to rising global prices:

Rising scrap offers day on day in global market has made Indian importers cautious to trade seaborne scrap. Containerized shredded scrap (ISRI 211) from US/Europe offers are assessed at around USD 265-270/MT, CFR Nhava Sheva up by USD 5/MT. HMS 80:20 offers are assessed at USD 245-250/MT.

SteelMint learned UK based HMS 80:20 cargo qty 10,000-12,000 MT traded at USD 245/MT.It is reported that no trade for High value cargo.

“Offers are increasing overnight, difficult to trade and give offers. We are only offering to regular clients. ” said an exporter located in Mumbai.

“Price increase should be sharper if compare to Turkey price but no major trade is learned in India to either earlier or present offers” said an indenter.

Middle East HMS 80:20 trade heard at USD 252-255/MT, CFR India.

Global Imported Scrap Offers in Week-7

Source: SteelMint Research