Ferrous scrap market has been full of bulk buying activity this week. The prime activities for this week being Turkey and India continue to buy bulk seaborne scrap cargo, China emerging as scrap exporter and the prices stayed stable with no changes in week 20.
Turkey
The country continues to be the most prominent in the scrap buying activity as 5 deals have been heard in this week. It imported around 183,000 tonne scrap cargo in this week.
According to the sources, “The bookings done by Turkey:
- Deal by BASTUG (turkey based company) had a deal with American Iron of 50,000 tonne cargo conatining 35,000 tonne shredded and 15,000 tonne HMS (90:10) at an average rate of USD 279/MT.
- Deal between Refonda and HABAS for a cargo conisting 24,000 tonne HMS 80:20 at an average rate of USD 272.50/MT and 6,000 tonne bonus at an average rate of USD 282.50/MT
- Deal closed between SIMS and ICDAS for a cargo of 45,000 tonne HMS (80:20) at an average rate of USD 270/MT which is reported to come in two vessels.
- Deal reported between Duferco (US based steel company) and HABAS (Europe based scrap company) for a cargo consisting of 23,000 tonne HMS (80:20) at an average rate of USD 272/MT.
- Latest of all, a deal betweek Tolments and ICDAS for a cargo containig 22,000 tonne HMS (80:20) at an average rate of USD 272/MT, 3,000 tonne Shredded at an average rate of USD 277/MT and 10,000 tonne bonus at an average rate of USD 282/MT
Turkey’s domestic finished steel demand supporting the country to Import scrap cargos are a great pace. The country is expected to continue book scrap cargo”
China
China continues to export scrap after some pause. The Chinese suppliers are back in the market as some offers are heard, According to sources, “Some offers are said to be sent to Korea and Japan but as the quality of the material is not according to the buyers there is some resistance by them in buying the material from China.”
India-Pakistan-Bangladesh
Indian and Pakistan been active in the scrap market this week. Around 8-10 Bulk seaborne cargo are heard to be booked by India this week and 3-4 cargos are said to be booked by Pakistan. The prices for containerized are not viable as the prices continue to stay high.
The price offers of containerized scrap in India are said to be at USD 305/MT Shredded, HMS 1 from Middle East at USD 295/MT. The market in Pakistan suggest a rate of USD 305/MT levels.
Scrap booking in Bangladesh have resumed after the last week Taka depreciation as some offers are being heard in the market
All around the world
The scrap prices have been volatile in the global market. The price for containerized scrap continues to be on the higher side which has made the bulk cargos preferable. The reported price for containerized shredded scrap is said to be at USD 300-305/MT CFR India (US) and Bulk scrap is said to be at USD 290-300/MT CFR India.
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