Ferrous Market Update 07/23/2021

 

Turkey

  • The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged on Wednesday.
  • Negotiations remained muted in a quiet market that has taken a pause for the Kurban Bayrami holidays. Business activity is expected to revive next week when Turkish mills will return to finish cargo purchases for August shipments. Some of these buyers may consider bookings for September shipment as well.
  • The most recent transactions in the country were fixed at $485/mt cfr for HMS 1&2 (80:20) from the USA and at $489/mt cfr for HMS 1&2 (95:5) from Canada more than a week ago.
  • Spot rebar prices in the Turkish domestic and export markets were unchanged. ($1=TRY8.57)

 

Turkey domestic

 

  • The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey declined by TRY9/mt delivered on Monday, following mixed market sentiment. 
  • Turkish mills are following different pricing policies with some producers holding their ferrous scrap prices unchanged last week, others decreasing them, and a mill also increasing its purchase prices. 
  • Purchase prices for shipbreaking scrap in the Izmir region remained unchanged at $480/mt delivered. ($1=TRY8.57)

 

CIS

 

  • The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by $11/mt fob Baltic Sea and $5/mt fob Black Sea on Monday in a weak export market.
  • An inactive market due to buyers’ persistence for lower prices resulted in no ferrous scrap sales reported from Russia to Turkey in mid-July. Bids for HMS 1&2 (80:20) from St Petersburg and for A3 material from Rostov-on-Don dropped to $480/mt cfr and $470/mt cfr, respectively, after Turkish mills purchased HMS 1&2 (80:20) from the USA at $485/mt cfr. 
  • Trading was slow in the Turkish imported scrap market this week due to the Kurban Bayrami holidays.
  • Collection prices in Russia rose as some exporters require material. Thus, the weekly Davis Index for A3 scrap increased by RUB450/mt delivered St Petersburg dock and by RUB150/mt delivered Rostov-on-Don dock. ($1 = RUB74.59)

 

Europe

 

  • The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region dropped by €17/mt delivered dockside on Tuesday following a bearish export market and vague sales prospects. 
  • Most exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) reduced collection prices for ferrous scrap due to stagnant demand in Turkey, while some suppliers decided to temporarily suspend collection. 
  • Bids for European HMS 1&2 (75:25) dropped to $470-475/mt cfr in Turkey after a large mill purchased HMS 1&2 (80:20) from the USA at $485/mt cfr last week. Negotiations are slow this week amid holidays in Turkey. 
  • The weekly Davis Indexes for HMS 1 and bonus scrap in the ARAG region both also decreased by €17/mt to €353/mt delivered dockside and €358/mt delivered, respectively, on Tuesday. (€1 = $1.18)

 

UK dockside

 

  • Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices delivered dockside were unchanged on Tuesday as buyers continued to wait for cues from the export market this week.
  • Turkish mills refrained from entering the market en masse instead picking up cargoes intermittently, which has created uncertainty among bulk exporters. Should this trend continue, dockside operators have signaled that they will cut purchase prices shortly to stem the flow of material into their yards. 
  • The weekly indices for north and south UK OA (Plate & Structural) were also unchanged as were the weekly north and south UK 5A/5C (frag feed) ferrous scrap indices. (£1=$1.36)

 

Germany domestic

 

  • Davis Index’s monthly German ferrous scrap indices were either unchanged or climbed €21-23/mt ($25-27/mt), following the conclusion of July mill-yard negotiations. 
  • German obsolete ferrous scrap benchmarks were rolled over for the month of July, as slack export demand countered robust domestic consumption. 
  • In contrast, prices for new production grades (E2 &E8) were bid up by €21-23/mt as a result of relatively limited supply availability and ferocious local demand. 
  • Market participants do not expect the recent flooding in western Germany to have a material impact on overall ferrous scrap market dynamics.  A German-based scrap trader was cynical about thyssenkrupp’s force majeure, citing it as a convenient political and financial maneuver. 
  • North, South, East and West German ferrous scrap indices were unchanged for Sorte 1 (E1), Sorte 3 (E3), Sorte 4 (E40), and Sorte 5 (E5), delivered to mill.
  • With respect to new production grades, E2 and E8 prices increased by €21-23/mt across the four regions. (€1=$1.18)

 

Spain 

 

  • Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices edged €3/mt ($4/mt) lower cfr, respectively, on Friday as local mills dropped their bids in the wake of lackluster activity on major seaborne trade routes. 
  • Little-to-no transactions were recorded since last week, with many market participants taking annual leave for summer vacations; thereby exacerbating the eerie silence this week. 
  • Competing major deepsea markets have been equally quiet, with many of the Turkish ferrous scrap buyers refraining from booking any cargoes during the Kurban Bayrami festival. 
  • European steel order books are reportedly strong through to the end of the year, so some traders speculate this may be a temporary seasonal lull before activity resumes again. 
  • Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indexes dropped by €2/mt to €348/mt and €368/mt fob, respectively, during the week. (€1=$1.18)

 

US dockside

 

  • US East Coast dock collection prices for ferrous scrap slipped further amid healthy scrap flows that have been outpacing continuing weakened exports. Houston docks are still rangebound as scrap feedstock is limited in the region. 
  • Dock activity has slackened over the month. Market participants foresee this weakness extending through Q3 as inbound material is surpassing outbound scrap movement. Dockside sales for #1 HMS on the East Coast fell by $5-10/gt as forecast last week and are now between $365-390/gt per dock location and prior sales level. 
  • The Davis Index for US HMS 1&2 (80:20) exports to Turkey has remained unchanged at $484.89/mt cfr since Jul 13. The grade has also been rangebound in the longer term and was down $12.61/mt on Tuesday compared to $497.50/mt cfr on Jun 22.  
  • In Boston, prices held steady for several weeks but trended down this week. The weekly Davis Index for export yard #1 HMS fell by $8/gt and P&S 5ft declined by $9/gt delivered Boston dock. The shredder feed index dropped by $16/gt delivered Boston export yard.  
  • The weekly Davis Index for export yard buying prices in New York decreased by $11/gt for #1 HMS, P&S 5ft fell by $10/gt, and shredder feed moved down by $12/gt delivered New York dock.  
  • In Philadelphia, the Davis Index for export yard collection prices moved down by $9/gt for #1 HMS delivered and P&S 5ft fell by $7/gt delivered Philadelphia dock. The index for shredder feed fell by $13/gt delivered.  
  • In Houston, the weekly Davis Index was flat for #1 HMS while P&S 5ft and shredder feed both ticked down $2/gt delivered Houston dock. Local prices are falling however #1 HMS is still moving at $415-430/gt delivered Houston as limited supply is holding prices.
  • Dockside ferrous scrap prices on the US West Coast rose or remained rangebound on Tuesday. The region continues moving in the opposite direction to the downturn in the East Coast. (update: Los Angeles docks are rumored to decrease prices by the end of the month on the softer export market conditions). 
  • The Davis Index for US-origin HMS 1&2 (80:20) held unchanged at $484.89/mt cfr on Tuesday compared to Jul 13. Dock prices in the UK were flat over the past week, but the EU’s dock prices fell on ambiguous sales predictions. 
  • Japanese domestic scrap prices declined, softening export bids. Domestic ferrous scrap in South Korea, however, rose while Malaysia, Taiwan, and Thailand remained flat week-on-week. Vietnam’s domestic ferrous scrap prices fell due to concerns over rising COVID-19 cases forecast to affect the economy.  
  • Bangladeshi and Pakistani buyers paused trading due to the Eid holiday and are dealing with a rise in COVID-19 related concerns. Still, mills in these regions are anticipated to return to the market for some bulk buys due to the likely contraction in scrap gathering activity during the lockdowns, emerging market status, and continued economic growth after things normalize.  
  • The weekly Davis Indexes in Portland for export yard scrap dropped for #1 HMS by $2/gt, P&S 5ft and shredder feed both fell by $2/gt. 
  • The San Francisco weekly Davis Indexes rose substantially and caught up with increases to vendors later in the week. #1 HMS rose by $21/gt, P&S 5ft increased by $20/gt, and shredder feed grew by $24/gt. The prices are in line with the Portland area as export docks in Northwestern US increased prices to draw inventories over the past few weeks. 
  • In Los Angeles, the Davis Index remained rangebound with a slight downtrend. #1 HMS declined by $2/gt while P&S 5ft fell by $1/gt, and shredder feed remained unchanged. 
  • Los Angeles container prices remained unchanged over the week after HMS 1&2 (80:20) increased by $5/mt to $415-420/mt fas in the prior week. Some sellers are reporting discussions skewing towards $400-410/mt fas amid difficulty in getting sales contracts from overseas. A market participant noted that Vietnam appears to be in demand but is awaiting firmer price points.  

 

 

US containers

 

  • US containerized ferrous scrap prices ticked down again on the West Coast but were mixed on the East Coast on Thursday. Buyers noted that sellers were offering export volumes at firm pricing. 
  • The US domestic scrap market in August is projected to soften with price declines of $20-30/gt against July settlement. The market is anticipated to show some softness on additional summer feedstocks into yards and well-managed pricing management from mills. However, several large sellers noted that their yards may owe scrap at the end of the month.  
  • Historically, mills tend to cancel scrap orders in a softer market so sellers are noting that scrap owed could be disruptive if scrap yards prioritize mills that keep prices sideways. 
  • The August trading week may also be influenced by several large publicly held ferrous scrap companies that close their financial books around August. Over-placement to show strong financial results could place pressure on the market. 
  • Container demand and prices are quieter due to the growing COVID-19 cases that are leading various countries to lockdown. Indian buyers noted that despite the lower buying levels, at least this week, sellers are maintaining firm pricing. Some scrap yard dealers believe that as the countries re-open their hunger for imported scrap at limited domestic volumes may support container prices.  
  • Japan lowered some domestic ferrous prices depending on grade, which gives exporters the opportunity to accept lower bid levels.  
  • The weekly Davis Indexes in New York for #1 busheling rose marginally by $1/mt to in tandem with machine shop turnings that increased by $7/mt. HMS 1&2 (80:20) declined by $1/mt while P&S 5ft and shredded dropped by $3/mt each. 
  • In Los Angeles, the indexes for #1 busheling and P&S 5ft declined by $5/mt. HMS 1&2 (80:20) fell by $4/mt and shredded dropped by $6/mt.  
  • San Francisco’s indexes declined for the second successive week with #1 busheling and shredded both declining by $4/mt. HMS 1&2 (80:20) fell by $3/mt as P&S 5ft declined by $6/mt. 
  • In Seattle, containerized ferrous prices dropped by $2-4/mt compounding to the decline of $5/mt in the prior week. The Davis Index for #1 busheling fell by $2/mt while shredded declined by $3/mt. HMS 1&2 (80:20) and P&S 5ft both contracted by $4/mt. 

 

 

 

Mexico

 

  • Ferrous scrap prices in Mexico increased by MXN256/mt ($12.76/mt) on average following sustained demand in the domestic and international scrap markets. 
  • Machine shop turnings witnessed the most notable increases this week. with the weekly Davis Index for this grade rising by MXN333/mt in Bajío and by MXN266/mt delivered in Northern Mexico on Friday.
  • The weekly Davis Index in Northern Mexico for #1HMS increased by MXN62/mt delivered Mexico consumer on Friday, P&S 5ft rose by MXN49/mt delivered. The index for shredded climbed by MXN75/mt and #1 busheling prices were up by MXN18/mt delivered.
  • In Central Mexico, the weekly Davis Index for #1HMS climbed by MXN50/mt delivered Mexico consumer on Friday, while P&S 5ft rose by MXN150/mt delivered. Shredded, however, remained unchanged. The index for machine shop turnings increased by MXN200/mt delivered, and #1 busheling rose by MXN210/mt delivered.
  • Bajio Mexico’s weekly index for #1HMS climbed by MXN73/mt to delivered Mexico consumer on Friday, while P&S 5ft rose by MXN199/mt delivered. Shredded increased by MXN50/mt delivered, while #1 busheling rose MXN184/mt delivered. ($1=MXN20.06)

 

Japan

 

  • In the domestic market, Tokyo steel reduced its ferrous scrap purchase prices by JPY500-JPY1,000/mt, depending on the grade, for deliveries to four of its five works effective July 20. Bids at the Utsunomiya plant have been kept unchanged.
  • After the revision, bids for #2 HMS at JPY50,000/mt ($455.63/mt) del Tahara, down by JPY1,000/mt ($9.11/mt). While bids for the grade are at JPY50,500/mt ($460.19/mt) del Okayama, JPY49,000/mt ($446.52/mt) del Kyushu, and JPY49,000 ($446.52/mt) del Takamatsu, down by JPY500/mt ($4.56/mt).
  • A rise in COVID-19 cases has impacted market sentiments in importing countries forcing Japanese sellers to look for newer destinations.
  • The weekly Davis Indexes for #2 HMS, Wednesday, fell by JPY750/mt ($6.81/mt) fob and fas Japan.
  • The weekly Davis Index for Japanese P&S 5ft (small bulk) cfr China port, was up by $20/mt. Trades for China halted due to a mismatch between bids and offers.
  • In the small bulk market, Japanese #1 busheling’s weekly index dropped by JPY2,000/mt ($18.17/mt) on fob and fas Japan. 
  • Offers for Japanese HMS 1&2 (50:50) cfr Vietnam firmed with the index for the grade rising $5/mt cfr Haiphong. ($1= JPY109.45)

 

 

South Korea

 

  • The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, cfr South Korea was down by $7/mt. Mills continued to prefer domestic scrap over imported. 
  • Ocean freight charges from Japan to Korea rose to JPY3,500/mt on Wednesday.
  • Suppliers from USWC are offering bulk #1 HMS at $515-520/mt for late August shipments, but mills showed little interest.
  • The weekly Davis Index for domestic Heavy A del Incheon, up by KRW17500/mt ($15.25/mt) and del Pohang, up by KRW20,000/mt ($17.43/mt). 
  • The weekly Davis Index for domestic Light A settled del Pohang, up by KRW30,000/mt ($26.14/mt). 
  • Deals for Japanese HS and shredded in small bulk reported at $590/mt and $573/mt cfr South Korea, respectively. ($1=KRW1,145.32)

 

Taiwan

 

Taiwan’s imported ferrous scrap market continues to struggle with slow demand. Taking a cue from lower Chinese bids for scrap, prices dropped in Taiwan. The weekly Davis Index for containerized #1 HMS dropped $8/mt whereas the index for #1 busheling dropped $4/mt cfr Taiwan. 

  • A couple of deals for 2,000-3,000mt containerised US-origin HMS 1&2 (80:20) reported at $450/mt cfr Taiwan.  
  • On Wednesday, the weekly Davis index for HMS 1&2 (50:50) settled flat at $475/mt cfr Taiwan.
  • The weekly Davis indexes for domestic HMS 1&2 (80:20) remained unchanged del Northern and Southern mill, respectively. 
  • Feng Hsin Steel kept its scrap purchase bids and rebar prices flat for this week. ($1=TWD28.07)

 

 

China

 

Exporters in China were unwilling to participate in negotiations amid rumours of a change in export tax. Strict production cuts aiming to reduce production by 60mn mt in H2 2021 forced steelmakers to shift focus on re-rolling operations. This increased billet imports and weighed on iron ore demand and prices. 

  • International iron ore Fe 62pc dipped to $200/mt cfr North China in the spot market on Friday, down around $22/mt in a week. While domestic billet prices rose CNY20/mt from Thursday to CNY5,200/mt ex-Tangshan inclusive of VAT. Billet prices rose by CNY40/mt from last week. 
  • China launched an anti-dumping investigation into grain-oriented flat-rolled electrical steel (GOE) imported from Japan, South Korea, and the EU to extend tariffs that were in place for five years. Authorities have extended the tariff for another year until the conclusion of the investigation.
  • The weekly Davis Index for domestic HMS 1&2 (80:20) settled unchanged at CNY3,750/mt ($578.83/mt) del mill on Tuesday. 
  • China’s Shagang Steel raised its long steel prices by CNY200-250/mt ($30-39/mt) for end-July deliveries from mid-July. The mill has kept flat steel prices unchanged in July. Offers for rebar (HRB400,16-25 mm) rose to CNY5,670/mt ($877/mt) ex-works. ($1=CNY6.47)

 

 

Vietnam

 

The entire southern region of Vietnam including the commercial hub Ho Chi Minh city is under a strict two-week lockdown. A surge of COVID-19 infections has led authorities to mull more stringent social distancing orders. The two-week lockdown is on since July 9 and could be extended for another 10 days.

  • Steel and scrap trades to Vietnam are largely halted forcing suppliers to divert supplies.  
  • The weekly Davis indexes for containerized #1 HMS and HMS 1&2 (80:20) Thursday, dropped by $10/mt cfr Vietnam. The weekly index for shredded dropped by $6/mt cfr Vietnam, while the index for P&S 5ft dropped by $6/mt cfr Vietnam.
  • Flat steelmaker, Formosa Ha Tinh Steel (FHS) has cut its domestic sale prices by $60/mt for the rest of August and September shipments.
  • The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND136,853/mt ($5.94/mt) to VND10,350,000/mt ($449.44/mt) delivered Southern mill due to a rise in COVID-19 cases. 
  • Billets offered at $700-710/mt cfr Manila and $710-720/mt cfr China and Taiwan. Vietnam Steel Association has opposed a suggestion to levy a 5pc export tax on steel billets, which could affect steel mills’ margins. ($1 = VND23,028.5)

 

 

Indonesia

 

  • Ferrous scrap trading in Indonesia remained largely halted due to the extension of lockdown until July 25. Mills bid lower, while supply also remains tight. 
  • In a silent market, the weekly Davis index for P&S 5ft and #1 busheling increased by $2/mt cfr Indonesia port. Indonesian buyers were enquiring for P&S 5ft, but offers at $515-520/mt cfr were unattractive for mills.
  • The Indonesian government will hold its impurities threshold for imported paper and plastic scrap at 2pc. ($1 = IDR14,473)       

 

 

Thailand

 

  • The weekly Davis index for domestic HMS 1&2 (80:20) settled flat del Rayong mill. Thai mills continued to stay silent amid COVID-19 restrictions. ($1 = THB32.81) 

 

 

Malaysia

 

  • The weekly Davis Indexes for HMS 1&2 (80:20) settled flat del eastern mill and del western mill. The COVID-19 situation in the country has deteriorated.($1 = MYR4.22)

 

India 

 

  • Yards exporting scrap to India are upbeat after domestic ferrous scrap increased by Rs2,000-2,500/mt on tightening supply. Finished steel price in India rose on signs of demand recovery, up Rs500-1,000/mt this week. 
  • A widening gap between domestic scrap and equivalent imported grades kept mills interested in local supplies. The difference has increased by at least $30/mt.
  • The daily Davis Index for containerized shredded Friday increased by $2/mt cfr Nhava Sheva from Thursday as well as from prior Friday. 
  • A gap between HMS and prime grades is still wide with the availability for primes, including shredded, remaining tight. 
  • The daily Davis Index for UAE-origin HMS 1&2 (80:20) inched up by $2/mt cfr Nhava Sheva. From prior Friday, the index fell $8/mt. Most UAE-based sellers could return to the market on Monday. 
  • The weekly index for P&S fell by $2/mt cfr Nhava Sheva, while the index for #1 busheling was down by $3/mt from last week.
  • In a silent market, the daily Davis Index for US-origin HMS 1&2 (80:20) settled unchanged cfr Nhava Sheva. The index fell $5/mt from last week. 
  • In Alang’s shipbreaking market, melting scrap prices rose Rs2,800/mt from the prior Friday as demand improved. 
  • In Mumbai, rebar offers flat at Rs48,100/mt ex-works. Rebar prices rose by Rs600/mt from prior Friday.

Amid improving domestic fundamentals this week, Indian mills shifted focus from exports to domestic sales. Offers for billets still above $625-630/mt fob. ($1=Rs74.59)

 

 

India domestic

 

  • Domestic ferrous scrap prices trend up this week as supply remained tight, the daily Davis Index for HMS 1&2 (80:20) rose by Rs1,000/mt del Mumbai mills on Friday as compared to the previous week. Markets in the North saw a spurt in ingot demand and as scrap supply remained low the index for HMS 1&2 (80:20) rose by Rs2,500/mt del Mandi Gobindgarh.

 

 

Pakistan  

 

  • After staying away on account of the Eid-al-Adha holidays earlier this week, a few ferrous scrap importers in Pakistan resumed bookings at firmed prices on Friday.
  • The depreciation of Pakistani currency is likely to raise domestic steel prices. Pakistani Rupee was at PKR161.42 against $1 from PKR159.5 on the prior Friday.
  • The daily Davis Index for containerized shredded, Friday, rose by $2.5/mt cfr Port Qasim with deals at increased prices. The index rose by $1.25/mt from last Friday. 
  • Sellers in the UAE could return to the market on Monday. In a silent market, the daily Davis Index for UAE-origin HMS 1&2 (80:20) settled unchanged at $500/mt cfr port Qasim. 
  • The daily index for US-origin HMS 1&2 (80:20), Friday, settled stable but down $5/mt from the prior Friday. Container freights rates remained elevated, keeping landed prices supported despite a dip in asking prices from supplier countries.
  • The announcement of price hikes for rebar before markets shut for Eid holidays pushed the weekly Davis Indexes for rebar ex-works Karachi and ex-works Punjab, both up by PKR4,500/mt from July 16. 
  • The weekly index for domestic Bala billet rose PKR2,500/mt ($16/mt) ex-works. The weekly Davis Index for G-60 billet was ex-works Punjab, up PKR4,500/mt from last Friday. 
  • The weekly indexes for Art Q toke scrap (equivalent to a mix of HMS and P&S) rose by PKR1000/mt ex-yard Lahore and Pure Q toke scrap (equivalent to shredded) rose by PKR1,500/mt ex-yard Lahore. ($1=PKR161.42)

 

Bangladesh

 

  • Heavy rains and the re-imposition of national lockdown halted trades in Bangladesh. Most mills stayed away for imported ferrous scrap bookings. Although steelmakers are eyeing a price hike, they failed to achieve sales at higher prices. 
  • The weekly index for rebar from large-scale mills settled Friday rose BDT250/mt ex-works. The weekly Davis Indexes for rebar by medium-scale and small-scale mills stable ex-works. ($1=BDT84.79)
  • The daily Davis Index for containerized shredded on Friday settled stable cfr Chattogram. However, from the prior Friday, the index dropped by $1.25/mt. Trades for shredded halted amid high expectations and tight supply. 
  • After Eid-al-Adha celebrations, Bangladesh has re-imposed stringent lockdown from Friday, July 23 which would continue till August 5. Demand recovery in Bangladesh is thus likely to be slow post-Eid holidays with the closures of all government, semi-government, and most private offices in addition to travel and transport restrictions.
  • For HMS, the index for US-origin containerized HMS 1&2 (80:20) cfr Chattogram dropped by $3/mt from prior Friday. From July 16, the indexes for UK-origin, Latin American and Australia-origin HMS 1&2 (80:20) dropped $3/mt.   
  • In Bangladesh, domestic steel prices are unchanged amid a near halt in trading. Labours are away for the Eid celebration and are unlikely to return until next week on the extension of the lockdown till August 5.  
  • The weekly index for ship scrap equivalent to P&S was down BDT250/mt. The weekly index for domestic HMS 1&2 (80:20) ex-yards Chattogram unchanged on Friday.  
  • The weekly index for billet was unchanged ex-works. For shipbreakers, offers of scrapped vessels stayed stable near $600/mt cnf depending on the type.  

 

Metallics

 

CIS

 

  • The weekly Davis Index for CIS basic pig iron decreased by $4/mt fob Black Sea on Wednesday amid weak demand in the global market.
  • Negotiations are slow in the CIS export pig iron market and firm bids are missing since most importers expect lower prices. US buyers, the key customers, particularly anticipate prices to fall to $600-625/mt cfr. Turkish importers stepped back due to holidays.
  • The weekly Davis Index for CIS pig iron in Italy declined by $5/mt on Wednesday due to muted trading. Sporadic negotiations did not result in deals.

 

 

India

 

  • In a week, the index for sponge iron rose by Rs1,200/mt del Mumbai mills and in Mandi Gobindgarh the index rose by Rs2,300/mt del mills as mills preferred sponge over scrap due to its low availability. 

 

 

Shipbreaking

 

  • Shipbreaking scrap prices moved up this week amid tight supply and firm demand from the rolling mills in Mandi Gobindgarh and Gujarat.
  • The daily Davis Index for HMS attachments and Melting, Friday, rose by Rs2,700/mt($36.26/mt) ex-Alang from the previous week.
  • Re-rolling scrap prices also increased as shipbreakers raised offers. The daily Davis Index for 4Ani rose Rs1,600/mt ex-Alang in the same period.
  • Ship plate prices also followed a similar trend and the index for 5kg plate rose Rs2,000/mt ex-Alang.

 

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