Global Ferrous Scrap Market Overview-Week 42

Turkey imported scrap prices climb to USD 310-315/MT levels in the latest deals concluded towards the end of this week. Ferrous scrap importers in India booked few thin trades while Pakistan scrap importers have come back strong with fresh bulk bookings. Bangladesh remained dull over port congestion issue.Japan's monthly scrap export tender witnessed fall in the prices for Oct'17.

Turkey scrap import offers rise in the recent trades - This week Turkish market has witnessed rise in offers this week by around USD 10-15/MT on W-o-W basis and now assessment for US origin HMS (80:20) is at USD 305-310/MT, CFR.In latest deal concluded ICDAS booked US cargo containing 20,000 MT HMS(80:20) at USD 305/MT, 10,000 MT HMS(90:10) at USD 310/MT, 12,000 MT Shredded at USD 310/MT and 3,000 MT Bonus at USD 315/MT,CFR Turkey respectively.

Kanto Monthly Scrap Export Tender Fetches Bids Down by USD 15/MT- Japan's monthly ferrous scrap export tender - Kanto Tetsugen has witnessed fall in the bid prices by Yen 1,678/MT concluded on 12th Oct. The average bid price stood at Japanese Yen 30,552/MT FAS (USD 272/MT) for the 20,000 MT Japanese special grade ferrous scrap (H2).The average bid was at Japanese Yen 32,230 (USD 288) in the last month's tender (i.e.Sept'17).

Indian scrap offers rise further despite thin trades - Imported scrap offers to India raised this week for both Shredded and HMS by USD 10-15/MT on W-o-W basis. As per assessment offers for HMS 1&2 (80:20) in containers for Dubai origin up at the level of USD 300/MT and for other major origins assessed at USD 300-305/MT, CFR Nhava Sheva. Offers for Shredded scrap for both UK and Europe origins assessed around USD 320-330/MT, CFR Nhava Sheva. Few thin trades for Shredded scrap booked at USD 320/MT levels after a long wait by importers but bulk bookings are still subdued. Currently, HMS (80:20) in Mumbai is assessed at INR 20,000/MT and that in Chennai is around INR 20,200/MT (Basic prices, GST @ 18% extra). Buying activities yet to pick up as expected, despite of thin trades offers.

Pakistan steel mill booked a bulk vessel for shredded scrap at lifted prices - Imported scrap offers in Pakistan increased by USD 15-20/MT on fresh buying from local steel mills and traders. Pakistan based mill has booked one bulk cargo from US early this week at an average price of USD 328/MT CFR Pakistan. The cargo consisted of 24,000 MT Shredded scrap and 6,000 MT of HMS 80:20.Current price assessment for HMS 1&2 from Dubai is around USD 315/MT, CFR port Qasim while offers for containerized Shredded scrap for UK and Europe origins elevated back at USD 330-335/MT, CFR Port Qasim. A booking for 10,000 MT Shredded scrap also confirmed in the container at USD 335/MT, CFR in Pakistan.

Imported bulk trades lessened down in Bangladesh - Price assessment for Shredded scrap in containers for Brazil and UK origins remained stable at USD 335/MT, CFR Chittagong and for HMS scrap in containers for Australia and New Zealand origin at USD 330/MT, CFR Chittagong. Not much offers heard this week from Dubai and not much trades being noticed in Bangladesh. Scrap importers have slowed down booking fresh bulk vessels owing to slower market sentiments and port congestion issues with an increased average waiting time around 20-25 days for bulk vessels at Chittagong port.

Global reference imported scrap prices -

Source: SteelMint Research