Seaborne scrap trade noticed a mixed response across the globe. Some countries increase their scrap imports due to sharp increase in Chinese steel prices, whereas demand in some countries remains subdued due to monsoon season.
Turkey: Scrap prices remain range bound in Turkey, who is the largest importer of scrap in the world. HMS 1&2 offers are hovering in the range of USD 225-230/MT CFR Turkey. With rising Chinese billet offers, it is expected that scrap prices should find support.
India: Limited trade activities were reported in Indian market. Weak demand in domestic market (due to monsoon) coupled with ample availability of sponge market kept trade activities low. However Indian buyers may return to market post monsoon as most of the mills are running short of imported scrap.
Current prices for shredded scrap were reported at USD 230-235/MT CFR India and HMS 1&2 prices are assessed in the range of USD 215/MT CFR. Suppliers prefer other Asian markets over India.
Pakistan: Limited buying activities are observed in Pakistan as well. Shredded scrap offers are assessed at USD 235-240/MT CFR Port Qasim and HMS at around USD 220/MT CFR.
Bangladesh: Bangladesh remains a preferred market for scrap suppliers due to fresh steel melting capacities, which have commissioned recently. Shredded scrap prices are assessed at around USD 245-250/MT CFR Chittagong and HMS 1&2 at USD 230/MT CFR Chittagong. Also with higher import duty on billets scrap is preferred over billets.
South East Asia: South East Asian countries have also increased their scrap imports due to rising Chinese steel prices. Taiwan, Indonesia and Vietnam, all are active in importing scrap. Current offers for HMS 1&2 from US to Taiwan are assessed at USD 220-225/MT CFR Taiwan.
Global imported ferrous scrap offers in week 34
|
Particular |
Size | Prices | 1W | 1M |
Remark |
| CNF India | HMS(80:20), Europe | 215-220 | 210 | 205 | Suppliers keep their offers firm on better realization from Bangladesh and South East Asian countries. Scrap shortage heard in North & West india |
| HMS-1, Middle East | 215 | 212 | 215 | ||
| HMS-1&2, S.Africa | 220-222 | 220 | 215 | ||
| Shredded, Europe | 230-235 | 230 | 220 | ||
| Shredded, US | 230-235 | 230 | 220 | ||
| CNF Taiwan | HMS(80:20), US | 220-225 | 217 | 200 | Prices up on expensive Chinese imported steel offers |
| CNF Turkey | HMS(80:20)I&II, US | 227-230 | 227 | 220 | Prices remain range bound. Buyers observing Chinese export offers. |
| CNF Pakistan | HMS 80:20, Australia/Europe | 230-235 | 225-230 | 215 | |
| Shredded, US/Europe | 245-250 | 240 | 230 | Deal of 10k heard at USD 240-245/MT as buyers bargain remain high. General cargo traded at USD 245 | |
Source: SteelMint Research
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