Imported ferrous scrap prices were flat to down on Wednesday following global cues. Buyers slowed down trades as they wait for prices to decline further.
Suppliers had expected Bangladesh mills to be in the market this week after a bulk booking late last week. But steelmakers opted to wait before booking more material amid indications of softening Turkish bulk scrap import prices. Japan’s export prices have also declined by JPY1500-2000/mt from Monday.
The Davis Index for containerised shredded settled at $286/mt cfr Chattogram, down by $1/mt from Tuesday. Very limited bids from mills were at $280-285/mt cfr Chattogram.
The index for Latin America-origin HMS 1&2 (80:20) inched down by $1/mt to $260/mt cfr Chattogram. Brazilian HMS 1&2 (80:20) traded in the range of $255-260/mt cfr Chattogram.
The index for US-origin HMS 1&2 (80:20) settled at $267/mt cfr Chattogram, down by $3/mt from Friday. HMS 1&2 (80:20) of African and Australian- origin traded at $260-265/mt cfr Chattogram.
Indian ferrous scrap importers continued to be away from the market. The daily Davis Index for containerised shredded settled at $273/mt cfr Nhava Sheva, unchanged on Wednesday. Offers were at $275-280/mt cfr Nhava Sheva for material from the UK and Europe. A few bids for shredded were reported at $270-272/mt cfr, though no trades were heard at those rates.
Brazilian and West African HMS 1&2 (80:20) in containers traded at $240-245/mt cfr Nhava Sheva, down by $10/mt from the prior week on increased supply.
The Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $253/mt cfr Nhava Sheva, down by $2/mt from Tuesday, with no trades heard. Buyers’ bids were below $250/mt cfr Nhava Sheva.
The index for US-origin HMS 1&2 (80:20) was at $251/mt cfr Nhava Sheva, up by $1/mt from Tuesday. A few offers were at $250-255/mt cfr Chennai with no buyers in the market.
Pakistan imported ferrous scrap prices dropped amid weak global cues. But in the northern region, domestic scrap prices moved up by PKR500-1000/mt following an increase in domestic billet prices.
Mills, however, preferred imported scrap which is priced lower.
Bala billet traded at PKR93,000-94,000/mt ex Lahore plant, up PKR2,000/mt from the prior week giving trades a lift. Though, many small-scale mills still faced liquidity issues.
The Davis Index for US-origin containerized shredded settled at $280/mt cfr Port Qasim, down by $1/mt from Tuesday. Offers were at $280-285/mt cfr Qasim from suppliers in the UK and Europe. A few trades for US origin shredded reported at $277-278/mt cfr Qasim Buyers waited for more clarity on the price direction before booking more scrap.
The Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $263/mt cfr Qasim, unchanged from Tuesday in absence of any new offers.
The index for US-origin HMS 1&2 (80:20) was at $260/mt cfr Qasim, down by $2/mt from Tuesday. A few offers were at $260-265/mt cfr Qasim with bids below $255/mt cfr Qasim.
Imported ferrous scrap prices in Taiwan were flat on Wednesday with the index for US HMS 1&2 (80:20) settling at $243/mt cfr Taiwan. Deals were heard in the range of $240-$243/mt cfr. Taiwanese steel mills have reduced buying and traders were waiting for July after Dragon boat festival starting June 25 till June 28 before booking more material.
Bids for Australian-origin HMS 1&2 (80:20) were at $230-235/mt cfr with no major deals heard. Japan’s Tokyo steel reduced domestic scrap prices by JPY500/mt and domestic #2 HMS prices were at JPY26,000/mt.
In small bulk markets, Japanese HMS 1&2 (50:50) was offered at $255-260/mt cfr Taiwan on Wednesday, down by $5-10/mt.