Indonesian Mills Raise Inquiries for Imported Scrap

Indonesian market for imported scrap stayed active with firm demand from steel mills, in spite of the global uptrend in scrap prices, as mills look to restock actively for their production. Market is expecting the coming week to have stable demand with good buying activities.

Smaller mills preferred to procure from Malaysia, Philippines or Singapore for prompt shipments. Offers for P&S & Busheling from these nearby origins were reported at USD 325/MT CFR & USD 328-330/MT CFR, level respectively. Whereas, buyers are bidding for Singapore origin P&S at around USD 325-328/MT CFR. On the other hand, offers for USA origin P&S stands at USD 315/MT CFR level, while, bids for the same origin are reported at around USD 310-313/MT in 40ft containers.

UK/Australia origin P&S is being offered at USD 325/MT CFR basis, however for 20 ft containerized PNS, buyers are bidding in the range of USD 317-320/MT. Few Indonesian steelmakers were also bidding for HMS 1& 2 (90:10) in 20ft containers at USD 290/MT CFR.

A big induction furnace mill based in Indonesia is also looking to import 10,000 MT of P&S and shredded for restocking material post the regulation and is bidding for the same at a favorable price, as per the sources.