Global Ferrous Scrap Market Overview - Week 1, 2020
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Most of the major markets for ferrous scrap remained closed or less active for this week with major yards observing holidays. Japanese Tokyo Steel, as well as China's Shagang Steel, kept their bids unchanged for yet another week, while the overall market waited for trades to resume from next week.
Turkey - Amid major silence in the global scrap market, a couple of bookings were concluded to Turkish mills in the latter half of the week, at similar to marginally lower price levels.
A West Marmara based Steelmaker, booked a bulk cargo of 25,000 MT from a Germany based recycler, comprising of 17,000 MT of HMS 1&2 (80:20) at USD 297/MT and 8,000 MT of Bonus at USD 307/MT CFR Turkey. The same mill also booked another vessel of 38,000 MT of mixed cargo at an average price of USD 305/MT CFR.
The assessment of USA origin HMS 1&2 (80:20) remains at USD 304-305/MT CFR Turkey, While assessment from Europe stands at USD 298/MT CFR.
India - Imported scrap market in India is expected to pick up from next week with renewed demand for scrap by mills and improved domestic steel fundamentals giving confidence to the market for rise in buying activities. Some tentative offers for next week indicate a price rise once the markets resume again from Monday.
SteelMint assessment for containerized Shredded from the USA and UK to India range-bound at USD 315-320/MT, CFR Nhava Sheva, up by around USD 5/MT against last week, with most industry participants expecting fresh offers not less than USD 319-320/MT CFR from next week onwards.
UAE origin HMS 1 Super (no ci gi) got concluded at USD 305-310/MT CFR. HMS 1 from South Africa was sold at USD 305-306/MT CFR at the early in the week, with new offers expected at around USD 315/MT CFR. Offers for UK origin HMS 1&2 (80:20) assessed at around USD 292-293/MT CFR, while West African HMS was concluded at USD 300/MT CFR Goa yesterday.
Pakistan - Imported scrap offers to Pakistan remained mostly stable in comparison to last week, with only few suppliers offering presently as most European yards remain closed for winter vacation.
SteelMint's assessment for containerized shredded 211 scraps from UK/Europe remains range-bound between USD 313-315/MT, CFR Qasim, more-or-less stable against last week's report. Few bookings for shredded were witnessed at USD 310-311/MT CFR this week.
HMS 1 super offers from UAE witnessed an increase by up to USD 10-15/MT and currently standing at around USD 300/MT CFR Qasim, with few deals being concluded at these levels.
Bangladesh - imported scrap offers to Bangladesh stood majorly stable over this week. Buying activities stood mostly silent with only few HMS deals in containers reported. Even from next week,Stagnant Rebar market is expected to keep buyers' bids on the lower side.
SteelMint's price assessment for containerized shredded scrap remains stable in the range of USD 323-325/MT, CFR Chittagong, similar as last week. In the last couple of weeks, container trades to Bangladesh have remained majorly silent.
HMS scrap witnessed few bookings, with HMS 1 from North American origins observing a few deals being concluded at USD 305-307/MT CFR Chittagong, at the closing of last week, and HMS 1&2 (80:20) from Brazil stood at around USD 295-300/MT CFR. P&S scrap offers remained in the range of USD 315-320/MT CFR.
Ship yard's melting scrap was sold at BDT 31,500/MT (USD 371) ex Chittagong and Ship plates (re-rollable) of 12-16 mm were sold at BDT 38,000-40,000/MT (USD 445-471) ex Chittagong. Prices moved up by USD 15-20/MT W-o-W.
