South Asia: Imported Scrap Offers Up; Trades Limited
...
Imported scrap offers to South Asia have moved up following yesterday's hike in Turkey imported scrap prices, SteelMint learnt from industry participants. Many suppliers offered less material or even withheld their offers this week as scrap availability in yards have turned tight, while many participants maintain that amid rising trend, further clarity on price levels will be achieved by early next week.
SteelMint's assessment for containerized Shredded from the UK, Europe and USA to India stands at USD 261-265/MT, CFR Nhava Sheva. Although few bookings for shredded were heard at around USD 261-263/MT CFR earlier this week, offers from most global suppliers now stand at USD 265/MT CFR, while the market predicts the offers to move up further by the next week, in line with the global uptrend. Market participants expect fresh offers to be around USD 265-270/MT, CFR Nhava Sheva levels.
Even as the drastic upsurge in Turkey in the last 2 days will encourage Indian buyers to quickly book healthy quantities at current levels, however, continued slow finished steel sales is expected to prevent any aggressive procurement.
HMS scrap offers inched up slightly this week with decent quantity HMS 1 (super) from Dubai being sold at around USD 262-263/MT CFR while HMS 1&2 (with ci & gi) from Dubai was being offered at around USD 256/MT CFR.
European origin HMS 1&2 (80:20) offers now stand at increased to USD 248-250/MT CFR Nhava Sheva,while few trades for Turnings from UK and Brzil were heard at around USD 230-232/MTCFR
South African origin HMS 1 was traded at around USD 260/MT CFR, with improvement in trades against last week.
Offers to Pakistan up - After global prices climbed up in the latter half of the week, shredded scrap offers to Pakistan too increased and currently stands at around USD 270-273/MT CFR with few major suppliers reported to offer at a USD 2-3/MT premium. SteelMint's assessment for Shredded scrap stands at USD 269/MT CFR levels, up by USD 4-5/MT from earlier this week.
