Global ferrous scrap prices continued to move up this week and it is projected that the prices will climb further in the near term.
According to weekly assessment Steel Mint learned that the Turkish steel mills continued to purchase scrap at elevated prices throughout the week. However, scrap importers in India and Pakistan kept themselves away from booking vessels at high prices.
Turkey scrap import prices up by USD 20/MT W-o-W-
Rising demand for finished steel along with increased billet and rebar prices in Turkey, led importers to book ferrous scrap at increasing prices every other day in this week.
In this week, the prices for HMS 1 & 2 (80:20) assessed at USD 350-353/MT, CFR Turkey. In a deal of US origin HMS (80:20) scrap concluded on 10 Aug’17, with a Turkey based steel maker lifted the price to USD 350/MT, CFR Turkey. Following this, another deal was reported for European cargo consisting of HMS (75:25), Shredded scrap, P&S and bushelling which was concluded at an average price of USD 354/MT, CFR.
Indian scrap importers keep away from booking fresh vessels –
The average increase of USD 10-15/MT W-o-W has witnessed for all grades of scrap in all the origins. Indian scrap importers preferred to wait before booking fresh Vessels.
As the domestic scrap availability little improved in this Week, some participants in the local markets highlighted that they are preferring domestic scrap for the time being.
Offers for HMS 18.2 (80:20) in containers from UK, Dubai and Australia origin ferrous scrap came almost in line in this week and stood at USD 320/MT, CFR Nhava Sheva.While the offers for Shredded scrap cargoes stood in the range of USD 335/MT, CFR Nhava Sheva.
Pakistan’s market remain idle again owing to high prices
Pakistan’s buyers turned resistant to accept elevated bids and remained out of the market in this Week.
The offers for HMS 1 & 2 (80:2O) in containerized as well as for cargoes stood at USD 315-325/MT, CFR port Qasim. Moreover some offers for Dubai based HMS 182 (80:2O) heard at USD 320 IMT, CFR Port Qasim.
While offers for Europe and UK as well as Australian origin containerized Shredded scrap assessed around USD 335340 /MT, Port Qasim.
“Presently, local inventories for the ferrous scrap are running out of stock and everyone is eagerly looking for fresh bookings but importers have kept away from booking vessels at such high prices” -a Pakistan based steel maker shared With SteelMint.
A new bulk scrap import vessel reported at Bangladesh –
According to bulk vessel data maintained with Steel Mint, A new bulk vessel named “Elisabeth C” is expected to arrive on Chittagong port on 14 Aug’17.The vessel was booked from Liverpool port,UK carrying 29,550 MT ferrous scrap to unload on the port of Bangladesh.
Source Steel Mint powered by Keyvan Jafari Tehrani
