Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

An uptick in Chinese steel prices had turned Pakistani ferrous scrap importers optimistic late last week. But many believe the market direction remains uncertain and trades could continue at a slow pace. 


The daily Davis Index for containerized shredded settled unchanged at $507.50/mt cfr Port Qasim with suppliers largely silent and only a few buyers active in the market. A few deals heard at $510-512/mt cfr Qasim early last week. But after a $4/mt cfr drop in Turkish import prices on Friday, mills and traders lowered their bids. 


On Monday, however, the index for Turkish imports of US-origin HMS 1&2 (80:20) settled unchanged at $502.31/mt cfr from Friday. Turkish buyers continued to target purchases at prices below $500/mt cfr for HMS 1&2 (80:20) on lower domestic steel prices. 


Most traders cite the lack of clear market direction due to volatile steel prices in China as a reason for weak sentiments in the past few days. Risk-averse buyers are, therefore, treading with caution before booking more material. 


The daily index for UAE-origin HMS 1&2 (80:20) fell to $473/mt cfr Port Qasim, down $2/mt. With the subcontinental buyers slowing down purchases, sellers were forced to reduce offers. Offers for UAE-origin mixed #1 HMS and P&S also dropped


The index for US-origin HMS 1&2 (80:20) unchanged at $485/mt cfr Port Qasim. The US market was silent on Monday due to the memorial day holiday.


Leave a Reply

Your email address will not be published.