Containerised imported scrap prices in most Asian markets remained flat with tepid demand. Finished steel sales are yet to pick up. Turkish bulk scrap prices are expected to increase with a rise in bookings for July shipments.
Imported ferrous scrap trades in India improved this week as piled up consignments at ports cleared. Though there were a few bookings for July shipments, large scale procurement seems to be a remote possibility.
The daily Davis Index for containerised shredded settled unchanged at $263/mt cfr Nhava Sheva on Thursday. Shredded in containers was offered at $265-270/mt cfr Nhava Sheva. There are no buyers for shredded at present, but activity is likely to improve next week.
The daily Davis Index for UAE-origin containerised HMS 1&2 (80:20) settled flat at $250/mt cfr Nhava Sheva. Supply of scrap from UAE could continue until there is clarity about the implementation of scrap export ban from the Middle Eastern country. Suppliers are likely to find ways to keep supplying despite the ban.
The daily index for US-origin HMS 1&2 (80:20) was at $248/mt cfr Nhava Sheva, also unchanged. Bids by many mills are expected to pick up following increased billet and HRC prices in export markets.
Thin trades of ferrous scrap took place. Bookings, however, are likely to gain momentum post the Eid festival which ends on May 31.
The daily Davis Index for US-origin containerized shredded settled flat at $273/mt cfr Port Qasim on Thursday. Trades for shredded from the UK were at $275-278/mt cfr Qasim despite offers at $280/mt cfr Qasim. Suppliers expect prices to climb as Turkish mills have resumed activities.
The daily Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $250/mt cfr Qasim, unchanged. South African suppliers have 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.
Enquiries for Blue steel and busheling scrap increased. South African busheling traded at $285-290/mt cfr Qasim.
The index for US-origin HMS 1&2 (80:20) was at $248/mt cfr Qasim, unchanged from Wednesday. Bids from mills were in the range of $245-250/mt cfr Qasim for July shipments.
Pakistan steel mills were unable to open new LCs as they looked to clear utility bills before Eid holidays.
Bangladesh imported scrap market remained quiet on Thursday due to Eid holidays. The Davis Index for containerised shredded settled at $273/mt cfr Chattogram, unchanged from the prior day. Offers for shredded were in the range of $280-285/mt with no bids in the market.
The daily index for Latin America-origin HMS 1&2 (80:20) inched up by $2/mt to $245/mt cfr Chattogram. Trades concluded at the index price. Many mills still held their bids in the range of $235-240/mt cfr Chattogram.
The daily index for US-origin HMS 1&2 (80:20) settled unchanged at $253/mt cfr Chattogram on Thursday. There were very few offers for US containerised scrap amid limited supply. Domestic steel prices in Bangladesh dropped sharply denting the interest for ferrous scrap trades. Cyclone Amphan has hit the coastal areas of Chattogram and the West coast of India impacting operations at ports. Ship recyclers who returned to the market have turned silent and could resume work post Eid holidays.
Scrap import prices were flat as mills reduced buying further. The daily Davis Index for containerised US-origin HMS 1&2 (80:20) settled unchanged at $223/mt cfr Taiwan on Thursday. Offers for US-origin HMS 1&2 (80:20) were reported at $225-230/mt cfr Taiwan.