Weekly: Global Ferrous Scrap Market Overview
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The global scrap market strengthend for almost all major markets this week. Turkey remained particularly active with a flurry of deep-sea cargo bookings, while India and Pakistan improved in terms of buying activity. Japan's Tokyo steel kept its scrap purchase bids unchanged this week.
Turkey: Even amid a sharp hike in prices observed since late Jan'20, lots of active bookings have been concluding for the last several weeks, indicating a strong global ferrous scrap market.
The latest deal concluded this week, an Aegean region-based steel mill booked a bulk vessel from a USA based scrapyard, comprising of HMS 1&2 (80:20) at USD 280 /MT, Shredded at USD 285/MT and bonus at USD 290/MT CFR Turkey basis.
With his deal, assessment for the USA origin scrap HMS 1&2 (80:20) stands at USD 280/MT CFR Turkey, up by USD 5/MT against last week's closing. European origin scrap stands at USD 275/MT, CFR Turkey.
Japan: Japan's Tokyo steel kept its purchase price unchanged this week after seven successive price cuts were observed over the previous two weeks. For H2 scrap delivered to its Utsunomiya plant in the Kanto region remained at JPY 20000/MT (USD 182).
India: Even as imported scrap offers to India from most global origins continued to move up, trades to India witnessed considerable improvement this week, with decent bookings being witnessed after slow activity in a previous couple of weeks.
SteelMint's assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 305-310/MT CFR Nhava Sheva up USD 10-15/MT against last week. Bookings for Shredded scrap were reported at USD 305-306/MT earlier in the week, while offers now USD 306-307/MT by USA and USD 308-310/MT from UK & European origins.
Brazil origin HMS 1&2 (80:20) is being offered at around USD 285/MT CFR Nhava Sheva. Australian origins are offering HMS 1&2 (80:20) at USD 286-290/MT CFR while HMS 1 from South Africa (hand loaded material at USD 300/MT.
HMS 1 (no ci gi) being offered at USD 300-305/MT CFR, while HMS 1&2 (ci gi 4-5%) at USD 295-300/MT CFR. HMS 1&2 (80:20) from UK and Europe stand at USD 280-284/MT CFR. West African HMS offers to Goa stood at USD 275/MT CFR.
Pakistan: Imported scrap offers to Pakistan climbed up throughout this week with active bookings being concluded every day at successively increasing prices.
Assessment for containerized Shredded 211 scrap from UK/Europe stands in the range of USD 307-314/MT CFR currently, up by USD 8-12/MT against last week's closing, while increasing by USD 5-7/MT against the opening of this week.
Numerous shredded bookings were witnessed - from the USA at USD 307-308/MT and from UK origin at USD 310-312/MT CFR, in the last 2-3 days.
Bangladesh: On account of a wide gap between high offers from suppliers end and significantly lower bids from buyers side, Imported scrap[ market for Bangladesh remained majorly silent this week, with very few deals getting concluded.
Offers for containerized Shredded scrap from UK/Europe stands in the range of USD 320/MT, CFR Chittagong, up by USD 17-20/MT W-o-W.
Brazil origin HMS 1 offers stand at USD 290-295/MT CFR, while Australian origin scrap is being offered at around USD 295-300/MT CFR, with very few inquiries.
Vietnam: Imported scrap offers to Vietnam from Japan were reported at USD 250/MT CFR, earlier this week, almost similar levels as compared to the previous week, indicating that Japanese offers might have bottomed out finally. USA HMS 1&2 (80:20) is currently being reported USD 285/MT CFR Vietnam for Bulk cargoes, sharply up by USD 15/MT w-o-w.
