Global Ferrous Scrap Market Overview-Week 40

This week Turkey witnessed further fall in the imported scrap prices. Imported ferrous scrap markets in India, Pakistan and Bangladesh followed the price fall in Turkish market and showed a drop upto USD 20-25 in offer levels, Buyers in these markets seek a week’s time to get clarity and indicate further drop in offers by USD 10-15, however, no bulk vessel booked this week by them.

Turkey’s imported scrap offers fall upto USD 27/MT W-o-W –This week Turkish market has witnessed sharp fall in offers by around USD 15/MT on W-o-W basis. A scrap supplier Aim Ontario from Canada surprisingly sold 1,50,000 MT scrap aggressively at various averaged price levels to different leading scrap buyers from Turkey. Assessment for US origin HMS now stood at USD 308/MT, CNF Turkey. Many traders indicated softening of the market further by USD 5-10/MT but it is hard to fall sharply further over the upcoming winter.

Indian scrap offers mostly stable, buying remains subdued – Imported scrap offers to India have come down this week sharply by USD 10-20/MT W-o-W, however buying interest seen around USD 15-20 lesser than present levels. Buyers preferred domestic scrap over imported one as price gap still persists between them.

As per assessment offers for HMS 1&2 (80:20) in containers for Dubai origin stood in the range of USD 290-300/MT, CFR Nhava Sheva down by USD 10-15 than last week’s assessment. Offers for Shredded scrap also fell in this week for both UK and Europe origins and now assessed in the range of USD 310-325/MT, CFR Nhava Sheva.Buying activities remain dull owing to an inert mood of buyers and festive holidays for Dussehra.Most of the participants indicated to wait for reopening in next week as present prices seemed a bit volatile.

As per recent vessel line up data maintained with SteelMint, a new bulk scrap import vessel is reported in India. A vessel named ‘Pelagiani’ carrying 33,000 MT ferrous scrap is expected to arrive at Mundra port on 2nd Oct’17

Pakistan continued to trade in small-scale containers – Imported scrap offers in Pakistan continued downward movement further by USD 20-25 on W-o-W basis. Price assessment for HMS 1&2 from Dubai stood around USD 302-305/MT, CFR port Qasim while Offers for containerized Shredded scrap for UK and Europe origins assessed at USD 320-325/MT, CFR Port Qasim.Few bookings in containers heard to confirm at USD 320/MT level. Most of the participants were expecting that market to weaken further and prices to go down by USD 10-15.

Bookings in Bangladesh remain dull despite fall in offers – Imported ferrous scrap market in Bangladesh remained silent this week fewer enquiries heard but no bookings confirmed. Offers assessed for Dubai origin in containers for HMS 1 at USD 335-337/MT, CFR Chittagong while for Shredded at USD 345/MT, CFR Chittagong which has fallen by USD 15 on W-o-W basis. Buyers remained in ‘wait and watch’ mode and are likely to return to the market next week.

Global ferrous scrap reference prices – Week 40

Source: SteelMint Research