Imported scrap offers moved down this week in India, Pakistan and Bangladesh markets, however, bookings remained to lower side with anticipation of further corrections in the prices.
Indian imported scrap activities to gain momentum in coming days – Trade sources
As per recent conversations with market participants SteelMint learned that, Indian imported scrap market witnessed thin trades this week.
In recent deals around 3,000-4,000 MT of Shredded scrap sold at USD 388-390/MT, CFR Nhava Sheva levels while South Africa origin HMS 1 booked a USD 375/MT, CFR Mundra.
The price assessment for Shredded scrap in containers from UK remained at around USD 390-393/MT, CFR Nhava Sheva, down by USD 3-5/MT on W-o-W basis. HMS 1 from Dubai assessed at USD 375/MT, CFR Nhava Sheva.
Offers for UK origin HMS 1&2(80:20) are assessed at USD 365/MT, CFR while West African HMS 1&2 offers remained at USD 350/MT, CFR Nhava Sheva.
“Indian steel market is active right now. Most of them are waiting for more clarity on international markets like Turkey and China. Slight corrections in the offers are anticipated however steep price fall looks limited now. Bookings for May months arrivals may gain momentum as there is still one months’ time for Ramadan festival Holidays” shared a market source.
Domestic scrap prices in India slightly increased on W-o-W basis. Domestic scrap prices moved up by INR 100-500/MT at few major cities over good finish steel demand. Currently, HMS (80:20) prices in Mumbai and Chennai are assessed in the range of INR 25,400-25,800/MT (USD 390-395) (Basic prices, GST @ 18% extra).
Pakistan scrap market witnessed few trades in containers at corrected prices –
Imported scrap market in Pakistan has observed several trades after a slow start in the beginning of the week. Market participants highlighted that buyers return to the market as few quantities of Shredded scrap are sold at USD 385/MT, CFR Port Qasim levels.
According to source around 5000 MT of Shredded 211 scrap in containers sold at USD 385/MT, CFR Pakistan yesterday.Few offers for Shredded scrap from UK origin was also heard at USD 380/MT, CFR Port Qasim
Price assessment for HMS 1 scrap from Dubai stood at around USD 375-380/MT, CFR Port Qasim this week. Thus offers have come down marginally by USD 5-7/MT W-o-W as against previous week’s assessment at USD 380-385/MT, CFR.
“Pakistan recently witnessed sharp currency devaluation while other influencing factors like upcoming load shedding in summer months and Ramadan festival holidays may lead to slow down in scrap purchases and demand may possibly squeeze in Pakistan” shared a source.
Ship breaking prices in Pakistan fell against last week and assessed at USD 435/LDT for general dry bulk cargo and at USD 450/LDT for containers on CNF Pakistan basis. Local deformed bar grade 60, 10 mm prices in Pakistan assessed at PKR 96,000/MT, ex-factory Karachi.
Bangladesh importers remain silent amid fall in rebar prices –
Offers for Shredded scrap from Europe in containers remained at USD 400/MT, CFR Bangladesh but no trades were reported. While according to sources, the market remained less working this week with no buyers active in the market amid a decline in rebar prices. HMS 1 from Brazil was being quoted at around USD 385-390/MT levels.
“Buyers are waiting for clarity on the scrap offers and expecting that they would resume activities in the next week” shared a source.
Bangladesh ship breaking market observed declining prices last week. Two sales concluded comprising a VLCC and a tanker fetched further decreased prices. Prices assessed at USD 440/LDT for general dry bulk cargo, at USD 460/LDT for tanker cargo and at USD 460/LDT for containers respectively on CNF Bangladesh basis.
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