Imported ferrous scrap offers to India remained firm because of higher global offers and lower buying interest in India.
Offers for shredded were heard in a wider range of USD 290-305/MT, CFR India. Despite low buying interest from Indian manufacturers, suppliers have kept their offers at higher levels to match the global suit.
Turkey continue to purchase scrap actively in the global market, supporting scrap prices. However, it is expected that fall in Chinese billet prices in recent days may build pressure on scrap prices.
| Particular | Size | Prices in USD/MT | D-o-D | 1W | 1M | Remark |
| CNF India | HMS(80:20), Europe | 270 | 0 | 270 | 230 | Imported scrap offers to India remain unchanged. However, buying activities remain very limited. Most of the induction furnaces prefer DRI (Sponge Iron) over imported scrap. Suppliers believe that containerized scrap trade to India has been very low in last 2 months. |
| HMS-1, Middle East | 265 | 0 | 265 | 240 | ||
| HMS-1&2, S.Africa | 275 | 0 | 275 | 240 | ||
| Shredded, Europe | 290-305 | 10 | 280-290 | 250 | ||
| Shredded, US | 290-305 | 10 | 280-290 | 250 | ||
| CNF Taiwan | HMS(80:20), US | 293 | 14 | 279 | 223 | Though scrap prices rose up last week, prices in Taiwan are expected to decline this week owing to falling billet offers from Chinese suppliers. |
| CNF Turkey | HMS(80:20), US | 315 | 10 | 305 | 260 | Turkey steel mills continue to buy scrap at high prices. Additionally, last deal of Shredded scrap from US was settled at USD 330-335/MT, CFR. However, with falling Chinese billet export offers, sustainability is a question. |
| FOB Japan | Busheling Shredded | 280 | 20 | 260 | 240 | Offers for Busheling Shredded to India are heard at around USD 320-325/MT, CFR India. |
| FOB Europe | HMS(80:20) | 292 | 3.5 | 289 | 234 | – |
| FOB US East Coast | Shredded | 320 | 19 | 301 | 243 | – |
| CNF Bangladesh | Shredded, US/Europe | 300-320 | Bangladeshi buyers slowed down scrap import in last 1-month. Steel mills have increased their billet import owing to possible hike in duty from Jun’16. | |||
| HMS 80:20, Australia,Europe | 280-310 | |||||
| CNF Pakistan | Shredded, US/Europe | 290-305 | Pakistani steel mills continue to import scrap at high prices. Most of the containerized scrap is bought by Pakistani steel mills. Buying interest at USD 280-290/MT, CFR |
Source: SteelMint Research
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