On April 24 and 25 , SteelOrbis reported ex-US offers to India for HMS I/II 80:20 scrap at $285-295/mt Nhava Sheva (India) and containerized shredded scrap at $310-315/mt CFR India or Pakistan. Containerized shredded was heard traded at $305/mt CFR Nhava Sheva and $310/mt CFR Port Qasim (Pakistan).
Today, ex-US scrap offer prices for HMS I/II 80:20 are reportedly at $280-285/mt CFR Nhava Sheva while offers for ex-US containerized shredded are reportedly at $300-310/mt CFR Nhava Sheva and $305-310/mt Port Qasim. The recent offers on HMS I/II reflect a decline of $10/mt from the top of the range but only a $5/mt erosion on the bottom of the same range.
While the offer prices for both India and Pakistan have decreased $5/mt from the top of the previous range, containerized shredded offer prices have slipped down $10/mt from the bottom of the previous range for India and $5/mt from the bottom of the range for Pakistan. A source noted that scrap import prices for containerized shredded from short-sea destinations were heard as high as $315-320/mt CFR Port Qasim (Pakistan) and $310/mt CFR Nhava Sheva (India) for the week ended April 28, thereby showing demand in the region despite the recent fluctuations in the Chinese futures and spot markets.
While some finished steel buyers express skepticism regarding the long-term stability of the recent Chinese uptrend, others in the market hope that the market has hit bottom and expect buyers to begin taking market positions on finished goods which will in turn buoy the Asian scrap market for the remainder of the quarter.
While some finished steel buyers express skepticism regarding the long-term stability of the recent Chinese uptrend, others in the market hope that the market has hit bottom and expect buyers to begin taking market positions on finished goods which will in turn buoy the Asian scrap market for the remainder of the quarter.