Containerized scrap offer improve by USD 5/MT where Pakistan buying remain intact and India buyers cautious. Month on Month price are up by USD 35/MT where as Turkey bulk price up by USD 50/MT.
In line with rising global scrap offers, India containerized scrap price increased further after active buying from Pakistan is reported. Pakistan Shredded scrap UK origin CFR deal heard at USD 302-305/MT level that was last reported at USD 300/MT. Dubai HMS 1 heavy 25 MT loading cargo CFR Pakistan traded at USD 282-285/MT.
India offers of containerized HMS 80:20 (1&2) are assessed at USD 270-275/MT where buyers continue to remain cautious. Shredded scrap are assessed CFR at USD 300-305/MT Nhava Sheva port.
“India buyer continues to hold buying where Pakistan market is actively holding stock in anticipation of further increase in prices” UK based scrap supplier reported.
“India bid for HMS 1&2 UK are at USD 260-265/MT but offer are more by USD 10/MT. Only alloy steel with small cargo deals are heard.” said a scrap indenter in Mumbai.
Middle East scrap heavy HMS 80:20 CFR Mumbai heard at USD 280-285/MT with limited quantity that was USD 270-275/MT.
Imported scrap offer in global market rise up to USD 50/MT M-o-M with bullish future outlook:
Turkey bulk scrap cargo deal US origin is heard at CFR USD 287/MT up by USD 5/MT from 27th Feb’17 trade and USD 50/MT M-o-M. Europe origin heard at USD 278-280/MT.
Market participant expect further increase in price as local mill in UK will increase domestic price for Mar’17.
Global Imported Scrap Offers in Week-10
| Particular | Size | Prices | 1W | 1M |
| CNF India | HMS(80:20), Europe | 270 | 265 | 245 |
| HMS-1, Middle East | 280 | 275 | 252.5 | |
| HMS-1&2, S.Africa | 270 | 265 | 237.5 | |
| Shredded, Europe | 300 | 295 | 265 | |
| Shredded, US | 300 | 295 | 265 | |
| CNF Taiwan | HMS(80:20), US | 263 | 255 | 250 |
| CNF Turkey | HMS(80:20), US | 287 | 282 | 236 |
| CNF Bangladesh | Shredded, Australia/Europe | 312 | 303 | 273.5 |
| HMS 80:20, Australia/Europe | 290 | 285 | 255 | |
| CNF Pakistan | Shredded, US/Europe | 305 | 300 | 265 |
Source: SteelMint Research
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