Viewing bearishness in the market, imported ferrous scrap trade to India remained silent. Sources reported market will resume after 10 Jun’16.
Imported ferrous scrap market remained bearish this week. Offers to India have dipped by USD 12-22/MT W-o-W and currently prevailing in the wider range of USD 230-260/MT, CFR India.
Sources mentioned few exporters are taking short sale position because of bearish trend. In addition, no bids have been received by buyers at Europe and US offers.
In the meantime, few deals from Dubai for auto part shredded scrap of high carbon are heard at USD 205-210/MT (22 MT loading container). While, HMS super offers from the same region are reported at USD 230-235/MT.
Buying in Pakistan and Bangladesh is also expected to resume in the 1st week of Jun’16.
Turkish mills keep offers on hold
Imported scrap offers in Turkey remained stable as few mills have kept their buying on hold for over 2 weeks. HMS 1&2 (80:20) scrap from northern Europe closed at USD 315-318/MT, CFR Turkey.
Imported ferrous scrap offers to India in week 21
| Particular | Size | Prices | 1W | 1M | Remark |
| CNF India | HMS(80:20), Europe | 232 | 251 | 247 | Exporters are offering on short sale basis as sourcing prices remain high. Buyers are not ready to bid and expecting to resume buying after 10 Jun’16. Besides, induction furnaces continue to prefer DRI. |
| HMS-1, Middle East | 230 | 252 | 252 | ||
| HMS-1&2, S.Africa | 230 | 242 | 240 | ||
| Shredded, Europe | 255-260 | 283 | 275 | ||
| Shredded, US | 260-265 | 283 | 275 | ||
| CNF Taiwan | HMS(80:20), US | 235 | 264 | 252 | – |
| CNF Turkey | HMS(80:20), US | 300 | 308 | 277 | Few mills in Turkey halted buying for 2 weeks. Fall in Chinese billet offers may pressurize scrap buying. |
| FoB Japan | Busheling Shredded | 240 | 260 | 260 | – |
| FoB Europe | HMS(80:20) | 272 | 282 | 250 | – |
| FoB US East Coast | Shredded | 300 | 310 | 268 | – |
| CNF Bangladesh | Shredded, US/Europe | 270-275 | – | 300-320 | Bangladesh fiscal budget is likely to be announced in 1st week of Jun’16. Trade community expects scrap buying will resume after budget. |
| HMS 80:20, Australia,Europe | 250-255 | – | 280-310 | ||
| CNF Pakistan | Shredded, US/Europe | 265-270 | – | 290-305 | Buying in Pakistan remained dull and expected to resume within 10 days after clarity in global market sentiments. |
Offers in USD/MT
Source: SteelMint Research
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