Imported ferrous scrap trades in Bangladesh and Pakistan were tepid with ongoing Eid holidays. Indian importers, however, resumed enquiries this week.
Imported ferrous scrap trades in India showed signs of revival as piled up consignments at ports have started clearing. Most mills continued to offer semi-finished and finished steel in export markets to liquidate inventories.
The daily Davis Index for containerised shredded Tuesday settled at $275/mt cfr Nhava Sheva, up by $2/mt from the Friday. shredded in containers was offered at $275-280/mt cfr Nhava Sheva. Though bids for shredded were at $265-270/mt cfr Nhava Sheva. A few mills with limited inventories in hand have resumed enquiries and thin trades took place. Demand for semi-finished steel like billets increased in the both domestic and exports markets.
The daily Davis Index for UAE-origin containerised HMS 1&2 (80:20) settled flat at $255/mt cfr Nhava Sheva. The daily index for US-origin HMS 1&2 (80:20) was at $253/mt cfr Nhava Sheva, also unchanged. Trades for HMS 1&2 (80:20) were reported in the range of $245-255/mt cfr Nhava Sheva depending on origins, indicating a revival of buying interest from Indian buyers said a trader.
Ferrous scrap importers in Pakistan remained away from trades. Bookings, however, are likely to gain momentum post the Eid festival ending on May 31.
The Davis Index for US-origin containerized shredded settled flat at $279/mt cfr Port Qasim on Tuesday. Trades for shredded from the UK were at $278-280/mt cfr Qasim but offers were at $285/mt cfr Qasim since Friday.
The Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $259/mt cfr Qasim, up by $4/mt from Friday. Offers from UAE suppliers moved up further on expectations of strong demand after the Eid holidays. South African suppliers resumed offers to Pakistan and India. HMS 1&2 (80:20) traded at $250-255/mt cfr Qasim, up by $5/mt from the prior week.
The index for US-origin HMS 1&2 (80:20) was at $255/mt cfr Qasim, unchanged from Friday. Bids from importers were around $250/mt cfr Qasim for July shipments. A season of house making for farmers can give a lift to construction related finished steel like beams and structures in the coming days.
Eid holidays until May 31 are likely to keep mill activities limited. Only leading steelmakers resumed operations after the government allowed resumption of steel production. Most medium and small-scale furnaces are still shut as labours have traveled to their hometowns for Eid celebrations.
The Davis Index for containerised shredded settled at $283/mt cfr Chattogram, up by $3/mt from Friday. Offers for shredded were in the range of $285-290/mt with no bids in the market.
The index for Latin America-origin HMS 1&2 (80:20) inched up by $3/mt to $253/mt cfr Chattogram from Friday. Offers from Brazilian traders rose due to increased enquiries by Indian mills.
The index for US-origin HMS 1&2 (80:20) settled unchanged at $253/mt cfr Chattogram.
Imported ferrous scrap prices in Taiwan inched down amid ongoing rains and weak finished steel sales. A trades for containerised HMS 1&2 (90:10) was heard at $230/mt cfr Kaohsiung port on Tuesday. But a few steel mills bid for South American HMS 1&2 (80:20) at $220/mt cfr Taiwan. The daily Davis Index for US-origin HMS 1&2 (80:20) settled at $223/mt cfr Taiwan, down by $1/mt
Offers for HMS 1&2 (80:20) from the US were higher than those from South America at $230-$235/mt cfr mainly due to hopes of a rising Turkish demand after Eid. Thus, Taiwanese mills stayed away from trades with US suppliers.
Local rebar prices were flat with Feng Hsin offers for GR-40 grade rebars at NT$13,800-14,000/mt without volume discount. Other steel firms offered rebar at NT$13,800/mt ex-works.