Imported Scrap Prices Stable on week 41

Indian steel markets remain stable as buyers resume imported scrap buying post global positive sentiments.

After the government announced extension of MIP on 4 Oct’16, Indian steel market has shown positive sentiments as finish flat price improved by INR 500-700/MT and finish long prices by INR 200-500/MT compare to prices before 04 Oct’16. The stability and positivity trend in domestic steel prices domino improve trade activity in imported scrap.

Containerized scrap offers for HMS 80:20 and Shredded, which assessed at USD 220-2225/MT and USD 230-235/MT, CFR India respectively. Price remains stable whereas trade enquiry today heard improved as Turkey buying begin yesterday.

Turkey: Prices in Turkey this week for HMS 80:20 have moved up by USD 5-6/MT to around USD 215-217/MT, CFR Turkey from the Europe. US market also reported positive sentiments post improved buying from Turkey as HMS 80:20 traded at USD 212-215/MT CFR Turkey.

Middle East: Inquiries for Middle East scrap were heard to have increased on the backdrop of stimulated domestic sentiments. Offers for HMS (23 tonnes loading) inched up to USD 220-225/MT and HMS (25 tonnes loading) to USD 230-235/MT, CFR India.

Bangladesh: Market expected to resume after 15th Sep post holidays. Shredded offer price remain stable at USD 235-240/MT. Buyer prefer importing scrap over billet due to duty differential, however low infrastructure availability in port and increase congestion makes volume low.

Global imported ferrous scrap offers in week 41

Offers in USD/MT
Source: SteelMint Research