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Home > MEPS Steel News - 05.11.2013

FERROUS SCRAP MARKET ROUNDUP FROM MEPS

The outlook for the Indian market remains uncertain. Downstream demand for finished steel products was weaker than forecast in October. Market participants expect this trend to continue this month.

Buying sentiment has improved in the Japanese ferrous scrap market. Tokyo Steel Manufacturing, a bellwether for the domestic steel industry, has increased its HMS2 purchasing prices at all five of its subsidiaries. Local brokers expect scrap shipments to domestic mills to remain steady. Exporters based in Chubu, Kansai and Kanto, plan to persevere with aggressive pricing positions in November.

Russian transaction values for 3A-graded material edged, marginally, higher in the central, southern and Ural federal districts. Local traders contend that the prospect of waning demand during winter may curb gains in November. Finished steel shipment volumes to the construction sector have already begun to deteriorate.

Effective price settlements for the three bellwether cut grades tracked in the United States were steady in October. Local mills adopted more cautious stock building campaigns for scrap and other raw materials. Brokers expect domestic buyers to source scrap in early November, to pre-empt cold weather conditions, which hinders transportation and disrupt the flow of feedstock into yards. Exporters, operating out of East and West Coast ports, adopted more aggressive pricing positions in mid-October, in anticipation of healthier offshore demand.

Procurement activity in Turkey was less vigorous than in September. Purchasing managers resumed limited buying programmes after the Kurban Bayrami holiday (Eid Al-Adha). Market participants have queried the current price initiative being undertaken by Western European and North American suppliers, in view of the persistently weak domestic orders for finished steel products and dull overseas demand. Local mills have increased their domestic procurement figures over the period under review.

Taiwanese mills, operating electric furnaces, have continued to employ cautious purchasing policies. Steel demand from the construction sector has fallen short of industry expectations. Market participants have queried the sustainability of the latest import quotations for containerised HMS1&2 (80:20) graded material circulated by US and Japanese scrap brokers, citing the weakness of domestic downstream steel demand. The price premium for domestic scrap material relative to imports has remained unchanged at less than $US10 per tonne.


Source: MEPS - Ferrous Scrap Review  Also see: MEPS - Scrap Price Table

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