Imported ferrous scrap market remained slow this week witnessing less trade activities. Buyers in Turkey, India and Pakistan turned silent. However scrap buying purchase price in Japan increased further this week.
Turkey imported scrap prices remain stable – With no major trade deals taking place by Turkish steel makers, imported scrap prices remained majorly stable this week. Assessment for US origin HMS is around USD 357/MT, CNF Turkey. Trade activities are likely to remain slow next week owing to upcoming national holidays.
Japan’s Tokyo Steel raised scrap purchase price for 3rd time in Aug’ 17 – Japan’s major steel mill – Tokyo Steel announced another price hike up to Yen 1,500/MT this week for scrap purchase making it the 3rd increase in this month. The largest work Tahara in central Japan now fetches Yen 32,000 /MT for H2 grade scrap. The prices for all grades of scrap delivered to its Kyushu works and Okayama works in western Japan now fetches Yen 29,000/MT.
Indian scrap importers continue to prefer domestic scrap – Indian scrap importers remained silent with no inquiries. Market participants shared that offers did not fluctuate much owing to limited inquiries. Price assessment for HMS 1&2 is around USD 320-325/MT, CNF Nhava Sheva and that for Shredded is around USD 345-350/MT, CNF Turkey. Domestic scrap being comparatively cheaper continued to remain preferable over domestic scrap. Domestic HMS (80:20) prices were assessed at INR 21,200/MT (ex-Mumbai) and INR 20,800/MT (ex-Chennai), basic prices and GST@18% extra.
Pakistan based scrap importers remained silent – Imported scrap offers to Pakistan increased by USD 5-10/MT W-o-W. However having enough stock in hand resisted from booking new vessels. Price assessment for HMS 1& 2 from UK is around USD 330-335/MT, CNF Port Qasim and that for Shredded scrap is around USD 350-355/MT, CNF Port Qasim.
Four new bulk scrap vessels reported in Bangladesh – As per customs data maintained with SteelMint, four new bulk scrap import vessels carrying total quantity of around 101,160 MT are to arrive at Bangladesh ports by end of Aug’17. Out of the four vessels, two vessels are from USA and other two are from Japan.
Global ferrous scrap prices – Week 35
|
Particulars |
Current Prices in USD/MT |
W-o-W |
| HMS (80:20)from US, CNF Turkey | 357 | +1 |
| HMS 1 & 2 from Dubai, CFR India | 320 | 0 |
| HMS (80:20) from UK, CFR India | 325 | 0 |
| Shredded from Europe , CFR India | 345 | 0 |
| Shredded from USA , CFR India | 350 | 0 |
| Shredded, CNF Pakistan | 350-355 | +5 |
| HMS, CNF Pakistan | 330-335 | +5-10 |
| HMS (80:20) from US, CNF Taiwan | 298 | +10 |
| HMS (80:20), FoB Europe | 331 | 0 |
Source: SteelMint Research
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