India: No major deals from US and Europe,
offers reach below $430/MT
Indian imported Ferrous Scrap markets
continued to remain dull this week with no major deals. Importers have no
choice but to wait and watch.
Rupee in currency market still remain as low
as 55.48/USD and prompting importers to remain sideways in the market.
A small order of around 100MT of P$S Scrap
was heard being sold at US$ 420/MT CFR Kandla from an African supplier.
Indian importers anticipate further cut in
order to generate some buying interest.
Turkey: Turkish mills sign
scrap contracts below $400/MT CFR
Offers of import scrap keep sliding in
Turkey. Suppliers have to make reductions, seeing extremely weak demand both in
Turkey and other import countries.
It is reported that one Turkish mill bought a
mixed lot (20,000 t of HMS 1&2 (80:20), 5,000 t of shredded scrap and 5,000
t of P&S scrap) from a Canadian exporter at US$ 403/MT CFR at the end of
last week.
Another steelmaker has managed to sign rather
good contracts with a US scrap collector in early June as well: 72,000 t of HMS
1&2 (80:20) and 18,000 t of shredded scrap in total have been booked at US$ 400/MT CFR Turkey and US$ 405/MT CFR, respectively.
US & Europe: No Turkish deals have been
done with EU suppliers
Offers for EU HMS 1&2 (70:30) have
decreased by US$ 10/MT, to US$ 370-380/MT CFR Turkey. Quotations of HMS 1&2
(80:20) have inched down by US$ 13-15/MT to US$ 390-395/MT CFR.
However, a North American ferrous scrap
exporter sold a 24,000MT cargo of HMS 1&2 (80:20) to Turkey on Tuesday,
including 16,000MT of shredded scrap, at an average price of US$ 398/MT CFR
Turkey.
European steel mills do not want exports of
scrap from Europe.
Far East: prices continue to fall in
South Korea and Taiwan
In early June, low business activities in
finished products markets resulted in the downward trend in the Far Eastern
steel scrap market. Demand for the material remains rather weak.
In Japan, the scrap export prices keep
sliding, that the HMS 2 quoted to South Korea decreasing by US$ 26-31/MT (JPY
2,000-2,500/MT) to reach US$ 358-365/MT (JPY 28,000-28,500/MT) FOB, and the
prices expected to down further on the weakened demand for finished steel
products, as well as the growing electricity charges.
US HMS 1 and HMS 1&2 (80:20) are
available to South Korea's mills by $5/MT lower.
Import scrap prices dropped to Taiwan's
market as well, but no deals have been signed yet. Although offers of US HMS
1&2 (80:20) have declined by US$ 10/MT to US$ 405-410/MT CFR.
Overall scarp prices have shed almost $20-30/t in last one month and expected to go down further as demand remains weak across the globe.
Leave a Reply