Asia ferrous scrap import offer fell sharply, influenced by falling overseas scrap prices.
HMS 80:20 offer to Pakistan assessed at USD 240/MT CFR but no buying reported. Similarly shredded scrap offer prices falls to below USD 270/MT CFR
“Buyers are reluctant to book any vessel in falling market” a scrap supplier to Pakistan reported.
India may resume scrap imports if prices fall another USD 10-15/MT – sources
Indian buyers continue to hold buying in anticipation of further fall in prices, SteelMint learned from large no of scrap supplier in conference organized by MRAI in Jaipur.
Offers of Shredded are heard at below USD 270/MT from exporters but no deal reported to India. HMS 80:20 offer are assessed at USD 245-250/MT.
“We still facing challenges in procuring low cost scrap in yard” said a UK based scrap supplier.
“We hold offers at this phase when prices are slipping every day by USD 5-10/MT, as buyer are waiting for market to stabilize” said an Mumbai indenter.
India 50% of steel production is through blast furnace route and 50% through EF and IF. Blast furnace manufacturer continue to use expensive coking coal. Whereas EF and IF manufacturer are expected to shift to scrap over sponge iron very soon. It may also pressure sponge iron price in near term.
Global Imported Scrap Offers in Week 5:
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 250 | 265 | 260 |
| HMS-1, Middle East | 255 | 267.5 | 255 | |
| HMS-1&2, S.Africa | 240 | 265 | 260 | |
| Shredded, Europe | 270 | 292.5 | 290 | |
| Shredded, US | 270 | 292.5 | 290 | |
| CNF Taiwan | HMS(80:20), US | 250 | 252 | 257.5 |
| CNF Turkey | HMS(80:20), US | 240 | 285 | 290 |
| CNF Bangladesh | Shredded, Australia/Europe | 280 | 303.5 | 297 |
| HMS 80:20, Australia/Europe | 260 | 284 | 280 | |
| CNF Pakistan | Shredded, US/Europe | 270 | 292.5 | 290 |
Source: SteelMint Research
Leave a Reply