Global Ferrous Scrap Market Overview – Week 32

The global ferrous scrap market remained uplifted with raised prices as the Turkish mills continued their buying throughout the week. However scrap importers in India and Pakistan kept themselves away from booking vessels at high prices.

Turkey scrap prices climbed USD 10/MT W-o-W amid firm demand

Rising billet and rebar prices in Turkey led importers to book scrap at high prices. Scrap suppliers also continued to quote high offers.

An Iskenderun based steel producer bought a cargo from a premium US exporter that contained around 15,000-18,000 MT of 80:20 at USD 327/MT, 20,000-22,000 MT of Shredded scrap at USD 334/MT and 2,000-5,000 MT of Shredded at USD 337/MT.

Prices assessed for HMS 1 & 2 (80:20) at USD 330 /MT, CFR Turkey and for Shredded assessment stood at USD 332-335 /MT, CFR Turkey. While, for premium bonus scrap prices climbed upto USD 337-339 /MT, CFR Turkey.

Indian scrap importers resist booking cargoes at high offers

Though, domestic scrap shortage is persisting in the local markets, frequently climbing prices of imported scrap made almost all buyers in Indian market to keep themselves away from booking fresh vessels during this week.

SteelMint’s assessment of HMS 1&2 (80:20) for UK origin stood at USD 295-305 /MT, CFR Nhava Sheva.Likewise, prices assessed for HMS 1&2(80:20) of South African origin ferrous scrap at USD 310 /MT, CFR Nhava Sheva and that of Dubai origin at USD 300/MT, CFR Nhava Sheva.

While the offers for Shredded scrap stood at USD 320-325 /MT, CFR Nhava Sheva.
Thus, the prices for all grades and for all origin of ferrous scrap have gone up by USD 5-10 /MT.

Pakistan: A fresh bulk import vessel reported

One participant from Pakistan shared that-“There are limited buyers in the market due to consistently rising scrap prices. Majority of steel mills are waiting for the market to stabilize but it doesn’t seem that prices will pause at this moment.”

Offers for the containerized Shredded reported at USD 325 /MT, CFR port Qasim while, prices assessed for bulk Shredded scrap were around USD 330-325 /MT, CFR port Qasim.

According to customs data maintained with SteelMint,one bulk scrap import vessel is expected to arrive on Karachi port soon. The vessel named as ‘Hanyang’ and loaded with 33,680 MT ferrous scrap from port Richmond, USA.The vessel has reported at anchorage today.

Global ferrous scrap reference prices

Source: SteelMint Research