Imported Scrap Offers to India Increase on Low Trade Volumes

Imported ferrous scrap (containerized) offers to Indian market increase by $5-10/MT this week in line with rising global prices. However buying activities remain limited owing to subdued demand and production cut by induction furnaces.

Current offers for shredded scrap (ISRI 211) from US and Europe are being assessed at around USD 290/MT CFR Nava Sheva. But at the same time, there are limited suppliers in the market due to upcoming winter vacations.

As per Indian importers report, ” India is quiet for a month now. Not many trades have been reported after government banned high denomination notes on Nov 8th. Quite a few induction furnaces have cut their production owing to falling demand. Also few bulk vessels are yet to arrive, which were booked in the month of Oct/Nov.”

HMS-1 (25 tonnes load) offers from UAE are assessed at around USD 255-260/MT CFR Nava Sheva. and HMS 1&2 from UK/Europe offers are hovering at 270-280/MT CFR India.

Bangladesh & Pakistan
 
Buying activities in Bangladesh and Pakistan market also remain muted. Current offers for Shredded scrap are assessed at USD 290-295/MT CFR Pakistan and around 295-300/MT CFR Bangladesh. HMS 80:20 offers are in the range of USD 270-280/MT CFR.

“Bangladesh mills are not aggressive at the moment, as they have sufficient stock.” said an indenter based in Chittagong.

Scrap Prices in Turkey Continue to Rise 

Turkey, the world largest scrap importer is witnessing a continuous price rise on strong buying. HMS 80:20 from US prices have gone up to USD 295-300 /MT CFR and from Europe at 290-295/MT CFR Turkey. Prices are moving in line with rising billet offers from Chine and CIS region suppliers.

Global Imported Ferrous Scrap Offers in Week 52:

Quantity in USD/MT
Source: SteelMint Research