Ferrous scrap market globally observed a mixed response this week. The highlight being, more scrap export offers from China, which keeps buying sentiment weak in Asian countries and on the other, Turkey continues to buy deep sea cargoes at higher price.
Turkey
According to sources, the largest importer of scrap, continue to book cargo at higher prices. Last deal of HMS 1&2 from US was heard settled at USD 282/MT CFR Turkey and deals for HMS 1&2 from Europe heard settled at USD 272-274/MT CFR Turkey.
China
Participants continue to receive more offers for Chinese scrap. However no deal has been heard concluded. But certainly, it has brought lot of concern to global scrap market over increasing supply from China.
India-Pakistan-Bangladesh
Pakistan buyers turn active this week and few deals were heard settled at higher price. Shredded offers are assessed at USD 310-315/MT CFR Pakistan from Europe and US in containers.
Sharp fall in Indian domestic steel prices, keep buyers on the bay. However couple of Japanese bulk mixed cargo was heard sold to an Indian trader at below USD 300/MT CFR India. Shredded scrap offers from US and Europe are assessed in the range of USD 305-310/MT CFR India
Buying interest in Bangladesh market kept relatively low. Not many buyers were keen to take position. Market is worried about scrap offers from China. Most of the traders believe that scrap prices may fall because of this.
Image of Chinese Scrap- Sent by one of SteelMint’s Subscriber
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