Scrap Importers in Asian Markets Turn Silent, Offers Fall Slightly
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Imported scrap offers showed marginal corrections this week in India, Pakistan and Bangladesh markets, with buyers in 'Wait and Watch' mode to check the market direction.
Scrap importers in India to resume bookings next week - sources
As per recent conversations with market participants SteelMint learned that, Indian imported scrap offers have fallen slightly and no significant trade deal heard this week.
Indian imported scrap offers fell USD 5/MT on W-o-W basis. Shredded scrap offers from UK and USA origins assessed in the range of USD 395-400/MT, CFR Nhava Sheva. UK based HMS 1&2 (80:20) is being offered at USD 370/MT, CFR. while no offers for bulk scrap vessels heard this week.
HMS 1 from Dubai assessed at USD 380-385/MT, CFR Nhava Sheva and remained at USD 385/MT, CFR from South Africa. West African HMS scrap offered at USD 360/MT, CFR India.
However market sources highlighted with limited inventories, buyers will resume imports from next week.
Domestic scrap prices in India exhibited mixed trends. On W-o-W basis prices climbed INR 200/MT in Chennai and fell INR 100-200/MT in Mumbai. Currently, HMS (80:20) prices in Mumbai and Chennai are assessed in the range of INR 25,300-26,300/MT (USD 391-405) (Basic prices, GST @ 18% extra).
Bangladesh importers turn hesitant to book scrap at high prices -
Offers for Shredded scrap from UK and USA in containers have moved down to USD 412/MT, CFR Bangladesh. While according to sources, thin trades concluded last in containers in the range of USD 410-415/MT, CFR Chittagong. HMS 1 in containers assessed at around USD 395-400/MT, CFR from Dubai, South Africa and Australia.
"Bangladesh scrap importers turned reluctant to buy at the moment. Imported scrap offers have slightly come down to Asian markets. Indian buyers remained silent but expected to pick in the upcoming weeks as steelmakers will need scrap for April-May month. However Pakistan based buyers still importing scrap with improving finish steel markets"- Shared a source
On the other hand, last week Bangladesh ship breaking market observed robust sentiments. Almost six sales concluded included four VLCC, one tanker and a PCC fetched prices at USD 450/LDT for general dry bulk cargo, at USD 470/LDT for tanker cargo and at USD 470/LDT for containers respectively on CNF Bangladesh basis. Thus, few buyers preferred local scrap materials this week over high imported scrap prices in Bangladesh.
Thin trades reported this week in Pakistan -
Importers in Pakistan were seen trading in containers in smaller quantities. Shredded scrap prices in containers are assessed at USD 395-400/MT, CFR Port Qasim for US origin.
