Global Ferrous Scrap Market Overview - Week 43, 2019

Turkey - Turkish prices for imported scrap increased all through this week, few deep sea bookings from Baltic origin were concluded at a higher price this week. A US based supplier sold 40,000 MT cargo comprising of 20,000 MT HMS (90:10) and 20,000 MT Shredded at an average price of USD 256/MT, CFR Turkey. SteelMint assessment of US-origin HMS 1&2 (80:20) scrap stands at USD 253/MT, CFR Turkey increased by USD 8-9/MT against last week. While the European origin HMS 1&2 (80:20) stands at around USD 248/ MT CFR Turkey prices increased W-o-W. US govt announced reduction in tariffs on Turkish steel imports from 50% to 25%.

South Korea - Leading EAF steelmaker, Hyundai Steel resumed bidding for Japanese scrap this week after a couple of weeks, keeping scrap prices unchanged.This week, the company has placed bids at JPY 22,000/MT (USD 203), FoB Japan. The bid for other grades of scrap such as Shredded/HS and Shindachi Bara scrap stands at JPY 25,000/MT (USD 230) and JPY 25,500/MT FoB (USD 235) respectively.

India - Offers of imported scrap to India also move up, following Turkish price trend. Trade activities have also taken a pause due to the Diwali festival this week. SteelMint’s assessment for containerized Shredded from the UK, Europe and USA to India stands at USD 270-272/MT, CFR Nhava Sheva, increasing by USD 8-10/MT against last week's report. Few offers were heard at USD 265-268/ MT CFR levels. Although market participants reported gap between bids & offers, resulting in lower trade volumes.

HMS 1 (super) from Dubai origin was offered at around USD 260-265/ MT CFR India while European origin HMS 1&2 (80:20) offers has now increased to USD 250/MT CFR level, against last reported USD 245/MT CFR Nhava Sheva level.

Pakistan – Imported scrap offers to Pakistan has continued to inch up over the last week following the rising global trend in scrap bookings to Turkey. However, slow buying activity witnessed on higher offers. Assessment for containerized Shredded 211 scrap from UK/Europe stands at USD 272-275/MT, CFR Qasim, up by USD 7-9/MT offers against last week. This week two Punjab based steelmakers concluded Shredded scrap at USD 274/MT and USD 270/MT CFR from UK and East Europe based yards, respectively.

Offers for imported HMS scrap moved up from last week with UAE origin HMS 1 (super) were traded in the range of USD 263-265/MT CFR. Few offers for European HMS 1&2 (80:20) heard at USD 250/MT CFR.

Bangladesh - SteelMint’s assessment for containerized Shredded scrap from UK, Europe and North America stands in the range of USD 290-295/MT, CFR Chittagong, rising by USD 5-10/MT against last week’s report. A Dhaka based mill booked 1000 MT of Shredded from North American origins at USD 290/MT CFR for December shipment, while offers from few other global suppliers were reported to be up to USD 295/MT, amid slow trades this week. A Japanese cargo was concluded at the closing of last week to a mill in Chittagong, comprising of 12,000 MT of Shin Dachi scrap, while no other bulk cargo bookings were reported this week.