India: Importers unlikely to
accept any hike in scrap prices
There are fewer buying interest on weak steel prices and strong dollar. Indian
steel mills are unwilling to accept higher prices as availability is better in
domestic market. Improved supply of pellet sponge will keep imported scrap
prices under pressure.
Last deal was heard concluded at $415/MT CFR Mumbai for shredded, whereas
HMS 1&2 (80:20) heard to be traded at $ 404/MT CFR.
Turkey: Scrap prices
rose by $30/MT CFR last week
3 cargoes were sold
last week at an average price of $415/MT CFR Turkey.
One mixed material
including 18,000 MT of HMS 1&2 (80:20), 10,000 MT of Shredded scrap and
10,000 MT of P&S scrap was sold at $417/MT CFR Turkey.
2 other bulk
cargoes were being heard sold at $417/MT CFR Turkey. Over 65,000 MT of scrap
was sold last week at an average price of $418/MT CFR Turkey for all grades.
US: Export offers rise on short supply
US
export market is not improving due to healthy demand; rather short supply of
the material on the back of rising domestic demand is pushing export prices
also.
According
to a market source, “The market is definitely not going up, collection is
still quite low in major scrap markets, so prices may stay range bound at
least,” one scrap supplier said.
US
West Coast export offers reached $365-370/MT FOB on the strong demand in
domestic market and limited collection of the material.
South East Asia: Prices high,
Importers stay calm
East
Asian market is improving on slow rate. They are calm on rising offer prices
from US suppliers.
Hyundai
Steel has booked 2 bulk cargoes of HMS I at $407/MT CFR (delivered in September)
from US while US-origin HMS I were at $415-420/MT CFR to Korean buyers last
week.
HMS
1&2 (80:20) and shredded scrap Offer prices to China hovering at $420-425
& $425-430/MT CFR respectively. i.e. up by $10-15/MT CFR from a week ago.
“It's
impossible for us to close any deals, as we are bidding only at around $350/MT CFR for HMS 1&2 (80:20)”, a Chinese importer said.
Another Chinese trader commented, “Nothing
has been booked because prices are too high. The current hike in scrap prices
could come off in as little as two weeks because scrap demand is very thin.”
In
Taiwan, deals for containerized HMS (80:20) concluded at $393-395/MT CFR during
the last week, up by $3-5/MT CFR from the week before. As most US suppliers’
offers were at $399-405/MT CFR Taiwan, there were no significant bookings, a
local trader said.
In
Taiwan, containerized HMS (80:20) offers rose to $415-420/MT CFR Vietnam last
week while buyers are ready at $400/MT CFR.
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