Published on September 2, 2024
Turkish Market:
This week, the Turkish import scrap market experienced a slight price increase due to tighter supply and an improved market mood. The price of US-origin HMS (80:20) rose to $365 per tonne (t) CFR. The price gap between short-sea and deep-sea scrap narrowed, indicating a more balanced market.
Indian Market:
India’s imported scrap market faced a challenging and bearish week. Offers for shredded scrap ranged from $385/t to $395/t CFR Nhava Sheva. However, buyers were hesitant and pushed for prices below $385/t, reflecting a cautious sentiment in the market.
Pakistani Market:
In Pakistan, despite limited activity, shredded scrap bids from the UK and Europe increased by $2/t to $399/t CFR-Qasim. This rise was attributed to higher supplier offers amid fluctuations in exchange rates, highlighting the market’s sensitivity to global economic factors.
Japanese Market:
Japanese H2 scrap export offers continued their downward trend for the seventh consecutive week, dropping by JPY 5,500/t ($38/t) in August. This consistent decline underscores ongoing adjustments in the Japanese scrap market, influenced by domestic and international dynamics.
Vietnamese Market:
In Vietnam, demand for Japanese scrap remained weak as local buyers favored domestically sourced scrap, priced around $340/t. Consequently, offers for Japanese H2 scrap dropped to $356-360/t CFR Vietnam, down from $360-370/t the previous week. This shift indicates a preference for more cost-effective local options.
Conclusion:
The global ferrous scrap market exhibited varied trends this week, with some regions experiencing price increases due to supply constraints and market sentiment while others faced bearish conditions and price declines. These fluctuations underscore the complex and interconnected nature of the global scrap industry, influenced by many factors, including supply-demand dynamics, economic conditions, and currency exchange rates. As the market evolves, stakeholders must stay informed and adaptable to navigate these changes effectively.
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