According to weekly assessment SteelMint learned that global scrap offers increased further this week.
The demand for ferrous scrap ls still healthy in all markets however buyers seemed resistant to book material at high prices.
Towards ending of the week, Turkish steel mills returned to purchase scrap at elevated prices after a short break.
However scrap Importers In India turned towards domestic scrap and Pakistan reported limited deals at increased prices.
Turkey scrap Import prices up by USD 5-6/MT W-o-W –
During first 3 days of the week, Turkish steel mills took a short break and remained resisting the offers but towards end buyers resumed back their bookings at comparatively higher prices.
Turkey’s demand for finished steel products remained strong leading to further hike in prices.
Prices assessment for HMS 1 & 2 (80:20) at USD 355- 356 /MT, CFR Turkey and for Shredded assessment stood at USD 356-360 /MT, CFR Turkey.
As per reports, a Turkey based steel mill booked a Canadian cargo, comprising 13,000 MT Shredded at USD 362.50 /MT, 2,000 MT HMS 1&2 (80:20) at USD 357.50 /MT, 14,000 MT of P86 at USD 367.50 /MT and 1,000 MT bundles at USD 357.50 /MT, CFR,Turkey.
Japan’s Tokyo Steel raised scrap purchase price further –
Tokyo Steel Manufacturing has increased its buying prices for all grades of ferrous scrap delivered to all its works by almost Yen 1000/MT (USD 9/MT) effective from 18 Aug’17.The increase takes Tokyo Steel’s price for H2 grade material delivered to its Utsunomiya works in north of Tokyo to Yen 31,000/MT (USD 283.5 /MT).
Indian importers continued to prefer domestic scrap –
During this week, most of the Indian buyers shifted their interest toward the domestic scrap over the soaring imported scrap. Not significant buying inquiries are heard by Indian importers however, some trivial quantity containers were booked by few buyers.
As per SteelMint’s assessment, offers for Europe, UK and USA origin Shredded scrap heard in the range of USD 345-350 /MT, CFR Nhava Sheva.
Offers for HMS 1&2 (80:20) in containers from Dubai stood at USD 320 /MT, CFR Nhava Sheva.WhiIe the offers for HMS 1&2 scrap for all other origins stood at USD 325 /MT, CFR Nhava Sheva.
Limited scrap trade deals reported in Pakistan –
Imported ferrous scrap offers remain increasing in this week again in Pakistan. Breaking the silence of past few weeks, a fresh booking has confirmed in country by Pakistan’s Mughal steel mill for containerized 5,000 MT Shredded scrap at USD 340 /MT, CFR port Qasim. Buying interest continues to remain low amid volatile market.
As per assessment, offers for Dubai origin HMS 1&2 stood around USD 325-330 /MT, CFR Port Qasim.
During this week, Offers for containerized Shredded for UK origin are assessed at USD 345-350 /MT, CFR Port Qasim and Offers for Australian origin Shredded scrap are heard slightly higher at USD 355 /MT, CFR Port Qasim.
Source Steel Mint powered by Keyvan Jafari Tehrani
