Global Scrap Price Tumble Down Sharply By USD 25/MT

Asia market may resume buying at this level.

Turkey’s scrap import prices fall sharply yesterday as USA origin cargoes were traded below USD 25/MT from previous deal. US origin HMS 80:20 traded at USD 255/MT that was last week traded at USD 281/MT. 

Media report said low demand for long steel products, particularly in Turkey’s domestic market. Also the weakening of Turkey’s national currency lira against the dollar and the unstable political condition led to the slide in the price.

SteelMint assessment of HMS 80:20 CFR India are at USD 255/MT (down by USD 10/MT) whereas Shredded offer are at USD 275-280/MT (down by USD 10-12/MT).

Dubai HMS 80:20 last trade heard at USD 260-265/MT but no fresh offer and deal heard presently.

“Our yard buying prices has not significantly fallen” said a UK based supplier to India.

“Offer price to Asia market will gradually correct after this steep fall” said a Mumbai based Indenter.

“India buying was on hold from last few months and buyers don’t have forward booking also. We are expecting India to resume buying” said an indenter located in Mumbai.

Offer to Pakistan Shredded and HMS are assessed at USD 270-280/MT and HMS 80:20 at USD 250-255/MT CFR.

“Pakistan was buying shredded scrap till Monday at USD 280/MT and HMS 80:20 from Dubai at USD 265/MT, after Turkey downfall buyer’s have put a buying on hold” said a supplier of Pakistan

Offer to Bangladesh of Shredded are at USD 285-290/MT and HMS are at USD 265-270/MT CFR Chittagong port. Large buyer are still not active.

Global Imported Scrap Offers in Week-5:

Source: SteelMint Research