SOUTH ASIA STEEL SCRAP: Prices rise on new trades

Prices of shredded steel scrap imported into India and Pakistan have risen following fresh purchases on the market, sources told Fastmarkets on Friday June 11.

Fastmarkets’ steel scrap shredded, index, import, cfr Nhava Sheva, India was $516.47 per tonne, down from $520.54 per tonne on June 8, but up week on week from $509.50 per tonne on June 4.

Three deals were heard at $515 per tonne in the week to June 11, up from $507-510 per tonne in deals heard the previous week, while offers were reported at $525 per tonne.

Turkey stepped back into the deep-sea market at higher prices after a recent purchasing hiatus, which supported the Indian scrap market.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was $510.55 per tonne on June 11, up by $15.28 per tonne from $495.27 per tonne one week earlier.

While India is relaxing its coronavirus restrictions in many states and easing oxygen mandates, it will take time for mills to return to full production and the recent price volatility is making buyers nervous about restocking, sources said.

“If prices go up, then down and then up, mills will be waiting for stability. Prices are moving up but how long will the market be sustainable for? The market gets nervous when prices go above a certain level and that’s understandable,” a trader said.

“It’s not just a price, it’s the availability and who’s holding what kind of material. It’s a bigger issue [than price], it’s a big challenge. People don’t have material to offer,” a mill source said.

Fastmarkets’ weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India was $465-485 per tonne on June 11, up from $455-480 per tonne the previous week.

Offers were heard at $465 per tonne for UK material, while two deals were heard for HMS 1 at $492 per tonne for Middle East origin material, cfr Mundra, at 500 tonnes and 1,000 tonnes.

In the Pakistan market, prices rose following another round of increases from rebar producers, sources said.

Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $525.03 per tonne on June 11, up from $514.26 per tonne on June 4.

Deals were heard at $520 per tonne and $525 per tonne with additional market chatter of $530 per tonne close to the end of the week, up from a deal done at $500-518 per tonne the previous week.

Offers reported to Fastmarkets were as high as $535-538 per tonne on Friday.

Rebar prices for various Karachi-based producers were 144,000-146,500 Pakistan rupees ($916.23-931.13) per tonne, an increase of 3,000 rupees, Fastmarkets heard.

Despite this, buyers were reluctant to purchase finished steel due to Pakistan’s budget announcement, which came late on June 11, sources said.

What to read next
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.