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Global Ferrous Scrap Market Overview: Week 30

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Melting Scrap

BigMint Bureau

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22 Jul 2017, 15:13 IST

Global Ferrous Scrap Market Overview: Week 30

Turkey scrap import prices edged upwards although trade activities remained less compared to previous week. Ferrous scrap buying interest in south -east Asian nations like India and Pakistan remained subdued this week with lesser variation in prices.

Turkey imported scrap prices expected further to edge higher -

At the starting of the week seven cargoes from Baltic Sea and Europe were booked at negotiated prices averaged at USD 296 / MT CFR by Turkey based trader. Later the trade activities turned quiet.

Recently a deal was concluded with a Turkey based steel maker - HABAS for 29,000 MT scrap. The cargo comprised of 21,000 MT HMS (80:20) which was sold at an average price of USD 299.5/MT; 3000 MT Shredded at USD 304.5/MT, 4000 MT Bonus at USD 309.5/MT and 1000MT rail at USD 314.5/MT.

Turkish steel makers are expecting scrap prices to rise further amid rising rebar export offers. Sources believe that price of USD 310/MT is easily achievable for HMS scrap in the short term.

Indian scrap importers remain silent amid cheaper domestic scrap availability

Indian importers remain silent in this week. No inquiries heard owing to monsoons & cheaper domestic scrap and sponge iron availability.

Shredded scrap offers from UK, Europe were around USD 315-320/MT CFR Nhava Sheva. HMS 1&2 offers stand at USD 285-290 /MT CFR Nhava Sheva.

Pakistan scrap importers to turn active in early Aug

In the recent conversation with a market source in the Pakistan, SteelMint learned that Pakistan ferrous scrap market remained dull throughout this week and buyers are likely to be back in the market in 1st week of Aug’17.

Offers for containerized HMS 1&2 of Dubai origin stood at USD 295/MT, CFR port Qasim and from UK offers were around USD 280/MT, CFR port Qasim. While Offers of Shredded scrap of UK origin in containers were assessed at USD 312-314/MT, CFR port Qasim.

Vessels booked in previous months are seen arriving at ports. A vessel containing around 18,300 MT scrap is expected to arrive at Pakistan on 24 Jul’17.

Bangladesh Imported scrap offers -

Bangladesh based buyers remained active in booking vessels. Offers for containerized HMS 1&2 is heard around USD 305 /MT, CFR Chittagong and Shredded offers are seen in the range of USD 325-330 /MT, CFR Chittagong while prices for P&S stood at USD 325 /MT CFR Chittagong.