Asian imported ferrous scrap prices rose fuelled by a jump in bulk ferrous scrap prices in Turkey. Suppliers have raised offers for buyers in Taiwan, Pakistan, Bangladesh and India on tight supply and expectations of stronger US domestic market in the coming days. The daily Davis Index for US-origin HMS 1&2 (80:20) settled at $251.89/mt cfr Turkey on May 8, up by $13.8/mt from May 1.
In India, Davis Index for containerised shredded increased by $5/mt to $258/mt cfr Nhava Sheva from Friday. Trades, however, remained subdued and most of the steelmakers have enough inventories for current levels of production. Shredded in containers was offered at $260-265/mt cfr Nhava Sheva with no takers in the market. Offers from UAE suppliers were at $245-250/mt cfr Nhava Sheva.
Unable to obtain export permits, South African scrap suppliers remained away from the market. In Pakistan, the daily Davis Index for containerised shredded settled at $261/mt cfr Port Qasim on Monday, up by $8/mt. Mills in northern Pakistan have resumed operations, though the country has extended its lockdown till May 31.The daily Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $249/mt cfr Qasim, up by $5/mt from the prior week. UAE suppliers returned to the market on Monday with raised offers. Offers for #1 HMS were at $260-265/mt cfr Qasim on Monday. Most mills are likely to resume full-fledged operations by next week. Domestic scrap availability remained limited.
In Bangladesh, the Davis Index for containerised shredded scrap settled at $270/mt cfr Chattogram on Monday, up by $5/mt from Friday. Trades for shredded were reported at $270/mt cfr Chattogram on Monday though offers rose to $270-275/mt cfr Chattogram following a rise in imported scrap prices in Turkey. Mills still tried to lower bids since they are the only potential buyers at present shared a trader.
The daily index for Latin America origin HMS 1&2 (80:20) settled at $251/mt cfr Chattogram, up by $6/mt from Friday. The index for US-origin HMS 1&2 (80:20) settled at $260/mt cfr Chattogram, up from $253/mt cfr Chattogram.
In Taiwan, the daily Davis Index for containerised HMS 1&2 (80:20) settled at $226/mt cfr Taiwan on Monday, up from $222/mt cfr Taiwan on Friday. US suppliers offered HMS 1&2 (80:20) at $230-235/mt cfr Taiwan following rising global ferrous scrap prices and rising billet prices.