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Weekly Scrap Report, Week 21

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Melting Scrap

BigMint Bureau

526 Reads

20 May 2017, 16:45 IST

Ferrous scrap market this week has been comparatively calmer other than turkey scrap bookings this week. The prime activities for this week being Turkey buying bulk seaborne scrap cargo, China continuing to make its way as an emerging scrap exporter and the prices showing correction in India.

Turkey

The country continues to be fairly active in the market as buying bulk seaborne scrap activity this week too as some deals have been heard in this week.

According to sources, "Turkey importing scrap cargos at a great pace is measure to stock scrap feed before the Ramadan Festival. And the domestic demand is other reason of continued scrap buying in the country.

China

China is on its way to make way as a emerging country to export scrap. China scrap offers are being heard regularly. The effect of China exporting scrap is the reason of Japanese scrap tender lowering by almost 1,000 Yen this week. According to the sources, "Chinese scrap offers would increase in the coming time."

India-Pakistan-Bangladesh

Indian scrap market has been quiet this week as no bookings were heard in this week. The prices have showed some correction making the buyers step back to wait mode. Imported scrap offers CFR India, shows correction. The offers of containerized scrap in India which were USD 300-305/MT, CFR India Shredded are now assessed at USD 295/MT, CFR India and HMS (80:20) at USD 270/MT.

Pakistan, some of bulk scrap cargo booking is heard this week. The prices are said to be, Shredded at USD 285-290/MT.

Scrap booking in Bangladesh this week stayed weak after the monsoons arrived in the country and the mills equipped with plenty of stock for the time being with low domestic market.

All around the world

The scrap market has been calmer this week globally. The price for containerized scrap are expected to show correction after being high for the past few weeks.

According to Steelmint Analysis, "The prices for scrap is expected to show correction and china specifically may play a big role in the scrap market in the time to come."