Imported Scrap Offers to India Shoot Up

Imported scrap offers to India shoot up following price trend in global market. Global scrap prices inch up this week by upto USD 13/MT.

Offers for containerized shredded from US and Europe are assessed at around USD 270/MT CFR India, however buying interest remains limited at these levels.

Indian buyers are hesitant about present situation, mentioned a Mumbai based Indenter  “India buyer are reluctant at current offers due to high volatility in Indian domestic steel prices”. He also added that out of 9 bulk vessel booked last month, 2-4 vessel will reach Indian shore this week onward.

Present offer for shredded are above USD 270/MT from Europe, UK and US. HMS 80:20 from Europe is at around USD 245-250/MT and from Middle East at USD 245-248/MT. 

Turkey: Imported scrap prices in Turkey continue to move up. Last trade for HMS 80:20 from US were heard at USD 258-260/MT CFR Turkey and from Europe at USD 252-253/MT CFR Turkey.

Market participants accept that prices will go up further and will not be surprised if it touches USD 300/MT CFR Turkey.

Rising scrap prices is a result of expensive coking coal,which has prompted steelmakers using blast furnace to buy more scrap.   

 
Pakistan: Shredded offers from UK/Europe are at USD 272-275/MT CFR Pakistan, where few buying interest and volume trade also heard. Dubai HMS heavy 25 MT loading traded at USD 250/MT last week.

Bangladesh: Sellers offer for shredded scrap heard at USD 270/MT And few cargo traded at USD 255-260/MT last week and HMS 80:20 traded at USD 240-245 CIF Chittagong port.
 
Global imported ferrous scrap offers in week 46

Source: SteelMint Research