Imported ferrous scrap prices in South Asia were mixed on Wednesday. Participants are waiting for more trades to take place in the Turkey market for August shipments which would clarify the price direction.
The Davis Index for containerized shredded settled at $277.90/mt cfr India subcontinent, up by $1.8/mt from $276.10/mt cfr on Wednesday.
The Davis Index for containerized US-origin HMS 1&2 (80:20) settled at $252.8/mt cfr India subcontinent, up by $1.15/mt from $251.65/mt on Tuesday.
Imported ferrous scrap prices showed a mixed trend on Wednesday but are expected to be on a downtrend in the coming days due to weak market fundamentals.
The daily Davis Index for containerized shredded settled at $273/mt cfr Nhava Sheva, up by $2/mt. Offers for US-origin HMS 1 &2 (80:20) moved up with trades in Pakistan reported at higher prices. But Indian buyers were not keen on those levels.
Offers for shredded were in the range of $270-285/mt cfr Nhava Sheva, depending on the origins, but buyers stayed away from bidding.
The Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $255/mt cfr Nhava Sheva, up by $1/mt from Tuesday. Suppliers are offering the grade at $255-265/mt cfr Nhava Sheva while buyers are looking for $240-245/mt cfr Nhava Sheva levels.
The index for US-origin HMS 1&2 (80:20) settled at $255/mt cfr Nhava Sheva, down by $2/mt from Tuesday. A few offers for the grade in containers were at $250-255/mt cfr Nhava Sheva bids lagging at $235-240/mt cfr Nhava Sheva.
UK-origin HMS 1&2 (80:20) was offered at $255/mt cfr Chennai.
Bangladeshi steelmakers increased inquiries for imported scrap this week.
Domestic ship breaking scrap was offered at BDT26,000-26,500/mt ex-yards and remained cheaper compared to imported scrap. A resumption in truck movement between India and Bangladesh border supported Indian suppliers to rise sponge iron offers to Bangladeshi furnaces.
The Davis Index for US-origin containerized shredded settled at $285/mt cfr Chattogram, unchanged from Tuesday. Offers from Europe and UK yards were at $290-295/mt cfr Chattogram. Buyers were interested in cheaper shredded scrap from other origins like Australia and New Zealand offered at $280-285/mt cfr Chattogram.
The index for Latin America-origin HMS 1&2 (80:20) inched down by $2/mt to $260/mt cfr Chattogram on Wednesday. Offers for #1 HMS from Brazil, Chile, and Europe were at $265-270/mt cfr Chattogram.
The index for US-origin HMS 1&2 (80:20) settled at $268/mt cfr Chattogram, up by $2/mt from Tuesday.
The Davis Index for US-origin containerized shredded settled at $283/mt cfr Port Qasim, up by $2/mt from Tuesday. Consumption of ferrous scrap by mills increased and has lowered inventories in hand. Steelmakers are thus expected to be in the market for restocking in the coming days. Market fundamentals are stronger in Pakistan compared to other subcontinental markets.
Trades for US-origin shredded were at $280-282/mt cfr Qasim. Offers from the UK and European suppliers were at $285/mt cfr Qasim.
The Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $265/mt cfr Qasim, unchanged from Tuesday. Trades for UAE-origin HMS 1&2 (80:20) were in the range $265-270/mt cfr Qasim.
The index for US-origin HMS 1&2 (80:20) was at $261/mt cfr Qasim Wednesday, down by $2/mt from Tuesday. Bids from a few buyers were at $250-255/mt cfr Qasim for US-origin HMS 1&2 (80:20). US suppliers, however, are waiting for Turkish mills to resume bulk bookings for August shipments and thus held onto their offers.
The commercial Bala billet traded unchanged at PKR94,000/mt ex-yards Lahore, inclusive of local from the prior week. Trades for domestic mixed HMS and P&S scrap were at PKR72,500-73,000/mt delivered mill Lahore.
Imported ferrous scrap prices in Taiwan were unchanged on Wednesday with no major trades heard. US scrap yards were unwilling to reduce prices to match bids as Turkey prices flatlined. The Davis Index for US-origin HMS 1&2 (80:20) settled largely unchanged at $255.50/mt cfr Turkey on Tuesday from the day prior.
The Davis Index for containerized US-origin HMS 1&2 (80:20) settled at $226/mt cfr Taiwan on Wednesday. Bids for HMS 1&2 (80:20) were at $220/mt cfr with no trades. Offers for #1 HMS were at $240/mt cfr and P&S 5ft offers were at $250/mt cfr.
Bids are at least $10/mt lower than price levels last week amid a drop in domestic scrap prices. Steelmaker Feng Hsin lowered its bids for domestic scrap by NTD200/mt to NTD6,700/mt delivered plant.
Bids for South American-origin HMS 1&2 (80:20) in FEUs were at $215/mt cfr Taiwan.
In small bulk markets, bids for Japanese HMS 1&2 (50:50) were at $240/mt cfr Taiwan. Busheling scrap offers were at $260-265/mt cfr Taiwan.
($1=Rs75.02; PKR167.13; BDT84.8; TWD29.46)