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Prices in India showed small week-on-week rises but have fluctuated in narrow ranges through the week, with trading activity limited.
Pakistan Fastmarkets calculated its weekly steel scrap, shredded, index, import, cfr Port Qasim, Pakistan, at $530.42 per tonne on September 10, up by $5.46 per tonne from $524.96 per tonne the previous week.
Deals were heard at $527, $528, $530 and $535 per tonne this week. Deals had been heard at $519-530 per tonne the previous week.
Offers of material have been heard at $530-545 per tonne with bids reported at $520-527 per tonne, and sources saying that the price recovery has been supported by strong demand.
India Fastmarkets’ calculation of the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $518.84 per tonne on Friday. This compared with $519.15 per tonne on September 7 and $516.59 per tonne on September 3.
A deal was heard at $525 per tonne during the week, compared with a deal heard at $518 per tonne one week earlier. There was also a deal reported at $510 per tonne but this was for a small tonnage and not from a regular supplier.
Market sources said that transactions were still rare because demand for scrap remained low, despite the monsoon season coming to an end. The achievable prices for finished steel did not allow the mills to accept higher costs for scrap.
One source said that integrated steelmakers in India that use iron ore have the advantage now of lower costs, while electric-arc furnace (EAF) mills had to keep prices low to remain competitive.
Scrap suppliers have not been willing to give discounts because they have the opportunity to sell to other markets at better prices, sources said.
Official offers have been heard at $535 per tonne cfr, with bids reported about $500 per tonne cfr.
Fastmarkets’ weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India, was $450-460 per tonne on September 10, compared with $440-460 per tonne on September 3.