Global Scrap Price Rally Continues

Containerized scrap offer to Asia market increase up to USD 16/MT W-o-W.

In line to rising global scrap price amid strong China steel prices, containerized scrap offers to Asia increase further. Offers of HMS 80:20 CFR India are assessed at USD 255-260/MT that was USD 240-245/MT last week. Shredded scrap price are assessed at USD 280/MT CFR India up by USD 15/MT compare to last week trade.

“Price are expected to remain firm in strong demand as Steel making from BF route is still expensive as compared to EAF/IF” said a scrap supplier from UK.

“India buyers continue to remain cautious in rising scrap price. No major transaction noted last week.” Said Mumbai based indenter.

Middle East trade reported to CFR India at USD 255-260/MT for small cargoes. Buyer bid continues at this level whereas present offer quoted are at USD 265-270/MT.

Pakistan shredded scrap trade heard at USD 280/MT CFR, now offers are at USD 280-285/MT. “Pakistan buying is active compare to India” said a supplier that deals with Pakistan and India.

Bangladesh bulk booking is expected to resume soon as per local indenters. Local indenter said, “Scrap buying was low in Jan’17 and early week of Feb’17. But due to low stock level and less congestion at port, bulk buyers are expected to resume buying soon”.

SteelMint HMS 80:20 CFR Chittagong port is assessed at USD 270-275/MT and Shredded scrap is at USD 295-300/MT.

Few small cargo deal of P&S scrap (plate and structure cutting) is traded in Bangladesh last week at USD 290/MT.

Global Imported Scrap Offers in Week-8

Source: SteelMint Research