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Global Scrap Offers Remain Firm
Scrap offers, which were hit significantly last year, owing to flooding of cheaper Chinese billet into global market, are stable at present. Recent price rise of iron ore and billet in Chinese market had showed some confidence to the market.
Turkey: Scrap import in the world largest scrap consumer/importer, Turkey fell by 14% in 2015 to 16.5 MnT against 19 MnT in 2014. Increase in billet import from China last year had hit scrap import/consumption significantly. Offers for HMS are at USD 173-179/MT, CFR Turkey.
USA: Ferrous scrap export in the country fell drastically by 15% to 11 MnT in 2015. Shift in interest to billet at its major scrap export destination like Turkey and Taiwan Korea hit US scrap export majorly. Current offers for HMS here are assessed at USD 164/MT and Shredded at USD 169/MT, FoB basis.
Europe: European union being a ready option for Turkey and other scrap importers like Germany and Egypt was comparatively less affected by Chinese billet in global market. Along with that domestic demand here remained strong for the year, with less selling pressure on export. Offers for HMS 80:20, presently are assessed at USD 150-154/MT, FoB Rotterdam.
South Africa: Scrap export from South Africa is likely to fall in coming months due to restrictions imposed by the government. South Africa contributes around 13% of total Indian scrap import. Current offers for HMS 80:20 (25 tonnes loading) to India are assessed at USD 200-205/MT, CFR Nhava Sheva.
To read south indian market scrap offer visit http://www.steelmint.com/news/global-scrap-offers-remain-firm-56019