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India import shred prices hit 32-month high

пятница, 04 декабря 2020

Workable Indian import prices for containerized shred material continued to rise for the eighth consecutive week, amid a strong international market and high container freight costs and limited container availability, sources said.

S&P Global Platts assessed India import containerized shredded scrap at $385/mt CFR Nhava Sheva Dec. 4, up $20/mt on the week, to reach the index’s highest level since March 23, 2018, when the price was at $390/mt CFR.

Indian market sources cited multiple deals booked on an open-origin basis for 1,000 mt at $385/mt CFR Nhava Sheva, with one trader also citing a Dec. 3 booking for the same volume as high as $387/mt CFR. Material was also heard booked at $385/mt CFR ex-UK on Dec. 3, with deals at $380/mt CFR Nhava Sheva booked earlier in the week.

“Most of the buyers are avoiding shredded material now due to the price difference, but some bigger mills will have to buy as they depend on shredded scrap for their production,” one Indian trading source said.

A UK trading source said some Indian buyers were switching to buying Dubai-origin HMS 1/2 (80:20) at $360/mt CFR Mundra/Nhava Sheva.

“Why would they pay $380/mt CFR or more for shredded scrap with minimum 30-day delivery [ex-UK/EU] when the turnaround is quicker ex-Dubai?” the UK trader said.

Container freight prices have also risen sharply, with trading sources citing prices for 20 ft containers between $1,600-$1,675/TEU for the UK-India/Pakistan route, up from around $1,100/TEU in late November. This is equivalent to $59-$62/mt.

Sellside sources noted limited shredded scrap offers into India and Pakistan, largely due to concern over container availability rather than scrap supply at UK yards.

“The material is not really available to buy – it’s all messed up by container availability, as traders are having to constantly rebook containers,” one UK trader said. “If you ask for 30-40 containers, maybe only 15-20 turn up.”

Shredded scrap offers were heard at GBP 230-233/mt ex-yard in the UK.

Deal levels into India were heard higher than into neighboring Pakistan for the first time in a while, as Pakistani buyers showed resistance above the $380-$385/mt CFR Port Qasim level.

“The Pakistani finished steel market is increasing, but more slowly than the international market, which is why they’re resisting,” another UK trader said.

The US dollar weakened on week against both the euro and pound sterling, putting further upside pressure on the US dollar-denominated CFR Nhava Sheva price.

Pound sterling reached a two-year high of GBP 1 to $1.35279 at 2.30 pm London time on Dec 4, before softening to $1.34828 at 5 pm London time on Dec 4, as expectations of an imminent Brexit deal between the UK and the EU grew. Sterling was up from $1.33147 one week earlier on Nov. 27.

The euro hit a two-year high of $1.21747 at 11 am London time Dec. 4, before softening slightly to $1.21412 at 5 pm London time Dec. 4. This was up on week from $1.19645 on Nov. 27.

A sharp increase in the benchmark Turkish import scrap price was also heard to firm sellside sentiment in the Indian import shredded scrap market, sources said. Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $365/mt CFR on Dec. 4, up $10/mt on week.

-- Viral Shah

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