Weekly Scrap Report, Week 18

Ferrous scrap market globally has been full of activities this week. The Highlight being China exporting scrap, Turkey returning to the scrap buying market.

Turkey

According to sources, the largest importer of scrap, started to book cargo after having a quiet last week. There has been some more bookings by Turkey, Deals by

• ICDAS (Turkey’s 2^nd largest Steel Company) had a deal with (BST (Belgium Scrap Terminal) for a mixed cargo of 35,000 MT containing 20,000 MT (HMS 1&2 75:25), 10,000 MT Shredded and 5,000 MT (PS HMS 1) at an average rate of USD 262/MT.
• BASTUG (One of Turkey’s Top steel Producers) having a deal with WETZEL a US based supplier for a cargo of 19,000 MT (75:25), 5,000 MT (HMS 1), 1,500 (Shredded), 3,000 MT (Bonus), 1,500 MT (Bushelling) at an average rate of USD 261/MT
• KAPTAN (turkey based company) had a deal with Refonda Estonia of 21,000 Tonne HMS (80:20) at an average rate of USD 265/MT and 5,000 Tonne (P&S) at an average rate of USD 275/MT,
• Rensselaer and Ekinciler for a cargo conisting 15,000 tonne HMS 80:20 at an average rate of USD 269/MT,  8,000 tonne (shredded) at an average rate of USD 274/MT  and 2000 (Bonus) at an average rate of USD 279/MT.

China

This week the highlight news came that China had started exporting scrap as Chinese government is planning to root out scrap based furnaces in order to control pollution. Scrap exports from China in near term. According to participants, some scrap exports have recently been reported to Vietnam at around USD 260-265/MT CFR

India-Pakistan-Bangladesh

Indian scrap market has not been much active in the market. The importers would be benefited as rupee has appreciated in comparison to dollar. The prices are almost at the same levels as of last week.

The market in Pakistan suggest a rate of USD 305/MT levels. The buying is still on the weaker side with very less activities. The offers from UK have increased and decreased from US and Europe.

Scrap booking in Bangladesh have reduced as Bangladesh Taka has depreciated.

All around the world

The scrap prices have been volatile in the global market. The offers from UK have increased after British Pound went weak this week.

According to Steelmint Analysis, “The market is expected to stay volatile as the scrap market globally is effected due to various reasons primarily being china entering in scrap export”