The price of imported Asia scrap jumped over the week to Thursday December 24 due to the uptrend in the international market, sources told Fastmarkets.
*** Asia scrap , India
Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $461.63 per tonne on Thursday, up by $32.80 per tonne week on week from $428.83 per tonne one week earlier.
One deal was heard this week for 1,000 tonnes of shredded scrap from the United Kingdom at $460 per tonne cfr, this was up by $30 per tonne from the deal heard a week earlier at $430 per tonne cfr.
Offers, in the meantime, have been heard at $460-470 per tonne cfr from the UK and Europe.
One source also reported offers at $450-460 per tonne cfr.
Buyers in India have been resisting price increases, according to market sources. Buyers in India reportedly have sufficient stocks to be able to delay purchases for a few weeks, according to two sources.
One source said that the prices should be at $450 per tonne cfr at the highest to capture buyers’ interest.
The import price increase was driven by an continued upward trend in the international market.
*** Asia scrap
Fastmarkets calculated the index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey at $464.17 per tonne on December 24, up by $21.73 per tonne from $442.44 per tonne on December 18.
The weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India was $410-430 per tonne on December 24, up by $20 per tonne from $390-410 per tonne the previous week.
The assessment was based on offers heard in the market.
There were minimal HMS offers on the market this week, with a focus on shredded material instead.
*** Pakistan
In the Pakistan market, a similar rise in shredded prices was reported this week, largely linked to the rising international market.
Fastmarkets calculated the steel scrap shredded, index, import, cfr Port Qasim, Pakistan at $464.33 per tonne on Thursday, up by $31.16 per tonne from $433.17 per tonne on December 16.
The index was based on offers heard at $460-470 per tonne cfr.
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