After the surge in global scrap prices on the back of a strong rebound in Turkish deals, imported scrap offers have up by around USD 15-20/MT in just a week’s span. Amid the sharp uptrend in prices, on one hand, Pakistan has remained quite active in bookings, especially in the latter half of the week, meanwhile Indian buyers seemed hesitant to actively procure at these price levels after booking decent volumes earlier this week.
SteelMint’s assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 290-295/MT CFR Nhava Sheva up from USD 280-283/MT last week. Although amid continues rise this week, offers are now in the range of USD 296-300/MT, most buyers are bidding significantly lower at USD 285-290/MT, leading to very limited trades towards the end of the week. As of today, most Shredded offers are at around USD 300/MT CFR Nhava Sheva.
Dubai HMS 1 (no ci gi) offers stand at around USD 292-295/MT, with few trades getting concluded at around USD 290-292/MT over the previous few days. Handloaded HMS 1 from South Africa is being offered at around USD 290-292/MT CFR Nhava Sheva and 295-297/MT CFR Goa, while few offers for South African Turning were reported at around USD 267-270/MT CFR.
HMS 1&2 (80:20) from UK/Europe was reported at around USD 276-280/MT CFR Nhava Sheva while West African HMS 1&2 (80:20) reported few sales at USD 270/MT CFR Goa earlier in the week. On an overall basis, trades to India stood quite slow this week and many market participants believe buying activity can pick up by Monday next week.
Active bookings of imported scrap reported in Pakistan – In spite of the sharp uptrend, Pakistan market witnessed good trades for imported Shredded scrap over the week. The latest bookings in containers came at USD 300-301/MT from UK and USD 298-299/MT CFR from USA, while few bookings at USD 295/MT were concluded a couple of days ago. In comparison to bookings last week, prices have shot up by USD 20/MT, while the market is expected to remain strong in the coming days, due to Turkey’s active bookings.
“2,000 MT US origin Shredded scrap 211 was booked at USD 298/MT, CFR and around 1,500 MT UK origin Shredded was heard to have booked at around USD 300/MT, CFR Port Qasim”, shared traders.
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