Category Archives: Melting Scrap

Pakistan: Imported scrap trading resume after Eid, prices firm

Pakistan’s imported scrap market has gradually resumed after the one-week long Eid holidays. Buyers and steelmakers were eagerly looking for a market trend. Imported scrap offers continued their marginal upward movement post-Eid. Deals of Dubai-origin scrap were heard yesterday but not many have been reported on shredded scrap so far this week.

“Deals of around for 2,000 tonnes (t) of UAE-origin PNS and HMS scrap were confirmed by SteelMint at around $510-512/t, CFR Port Qasim,” said a reliable source.

SteelMint’s assessment for UK/EU-origin shredded stands at $550/t CFR Qasim, up by $5/t w-o-w.

  • Offers for shredded scrap in containers have remained largely unchanged at $550/t CFR, rising slightly by $5-10/t w-o-w.
  • During the Eid holidays, deals for around 10,000-15,000 t of UK-origin shredded were concluded at $545-550/t CFR Port Qasim.
  • Fresh offers for Dubai-origin HMS1 and PNS are at $510-515/t CFR levels.

The market is still quiet after the Eid holidays , as laboures are yet to return . Moreover, it is the rainy season and no construction activities are happening at present, said another market source.

Domestic rebar prices firm: Domestic rebar prices stayed firm despite this being the bill payment week (last week of the month). In this week, rebar prices generally reduce so that the maximum inventory can be sold to facilitate monthly payments. Most of the major mills kept their rebar offers stable as steel consumption remained slow after the Eid break. SteelMint’s assessment for G-60 rebar remained unchanged at PKR 158,000-160,000/t exy-Punjab.

Due to limited scrap availability, it is expected that domestic scrap prices may go up further. Local scrap (equivalent to shredded) prices have risen further by PKR 3,000-4,000/t w-o-w to PKR 105,000-106,000/t exy-Punjab.

Pakistan’s domestic steel prices
Pakistan domestic

Pakistan’s steel market sentiments are likely to remain positive. However, mills are yet to actively resume imported scrap bookings, as they are expecting a price correction in Turkey and in global scrap prices.


India: Ferrous scrap imports subdued on lower bids

India’s ferrous scrap import market remained slow for yet another week, as per sources. Trade activities were dull with just a few deals for HMS being heard.

  • SteelMint’s assessment for UAE-origin HMS 1 is now at $480-485/t CFR, while assessment for HMS 1&2 (80:20) stands at $475/t CFR, down $5/t against last week.
  • SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $520/t CFR Nhava Sheva, down $20/t against the end of last week.

India: Melting scrap prices witness mild volatility

Melting scrap prices witnessed minor fluctuations across the country on 27 Jul’21, as per Steelmint assessment. On the one hand, the market remained positive, especially in the western region, due to lack of offers amid the strike at Alang. On the other hand, the Punjab market witnessed a slight correction in prices owing to adjustments in the semi-finished steel market. Prices in the near-term are expected to remain supported, particularly in the western region, trader sources told SteelMint.


Pakistan: Imports of 2,000 t of ferrous scrap concluded after Eid holidays

Pakistan’s ferrous scrap import market has resumed trading after the Eid holidays that ended last week. Deals of around 2,000 t of UAE-origin plate and structural (PNS) and heavy melting scrap (HMS) were confirmed by SteelMint at around $510-512/t CFR Port Qasim. Offers for shredded scrap in containers have remained largely unchanged at $550/t CFR.

India's domestic steel scrap index

SteelMint: India’s domestic steel scrap index falls marginally by INR 100/t tracking semis correction

SteelMint’s domestic steel scrap (end-cutting) index dropped by a marginal INR 100/tonne (t) to INR 37,700/t DAP Mandi Gobindgarh. A slight correction in semi-finished steel prices prompted trade participants to adjust their bids accordingly today.

However, inadequate supply of scrap in the market may support the prices in the short term, as per sources.

Today, 13 sets of trades, indicative prices/bids/offers were recorded in the publishing window.

The Index also derives the HMS 80:20 scrap (Heavy, Med), and CR Sheet cutting prices traded in the region.

Scrap Grade and Spread Calculation: (Mandi Gobindgarh)

Prices in INR/t, DAP (Delivered at Plant)

To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here

What is SteelMint Indian scrap index – SteelMint’s assessment of Mandi scrap reflects the prices of different melting HMS grade generated and traded in the domestic market. SteelMint gathers and verifies information from buyers and sellers active in the physical spot market. The data obtained by SteelMint, are normalized for yield, dimensions, density, location and other terms of trade to the specifications.

Why this index? India’s National Steel Recycling policy mentioned that the efficient use of scrap for steel production becomes very crucial for India as 35-40% share has been envisaged from scrap-based steel production in the journey of 300 mn t pa by 2030. This shall increase the requirement of steel scrap sharply from the present level of around 30 mn t.

Methodology – Market data, including deals, bids, and offers that meet the delivery and quality criteria are considered for price assessments. The highest importance in the price calculation process is assigned to confirmed deals (T1) where either a buyer or seller has provided details of the transaction. Deals of only reputed and trustworthy producers and trading firms are included in the price collection and calculation process. Indicative prices, confirmed bids and offers are also considered valuable for the pricing process (T2). The index has been calculated using an average of T1 and T2 price inputs.

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact –


India: SAIL to auction 3,300 t commercial rails from Bhilai Steel Plant

Steel Authority of India Ltd (SAIL) has scheduled an auction for 3,300 t (60 kg, full length) commercial rails from the Bhilai Steel Plant in Chhattisgarh on 30 Jul’21. At the previous auction on 20 Jul, 60 kg rails were booked at INR 42,500/t exw, INR 1,400/t higher than the previous auction. The reason behind the hike was lower inventory of 60 kg rails at BSP.

Tokyo steel

Japan: Tokyo Steel posts increased profits on higher crude steel output

Japanese steel major, Tokyo Steel Manufacturing Co. Ltd. has announced its non-consolidated financial results for Q2 CY’21 today.

  • The company’s quarterly net profit is at JPY 3.7 billion, up 16% on yearly basis.
  • Crude steel production rose by 41% y-o-y to 0.76 mn t.
  • The company’s steel sales increased by 12% y-o-y to 0.633 mn t.
China's ferrous scrap imports rise

China’s ferrous scrap imports rise to 0.3 mn t in H1CY’21

China’s ferrous scrap imports witnessed a sharp increase in H1 CY’21 after easing of import restrictions. China imported 0.3million tonnes (mn t) of ferrous scrap in Jan-Jun’21, sharp increase y-o-y as compared to just 10,000t in Jan-Jun’20. Import volumes into China rose on vigorous trading after the ban on imports of steel scrap was lifted in Jan’21 coupled with strong domestic demand, SteelMint understands.

Japan largest exporter: Japan was the largest exporter of scrap to China with 0.22mn t in Jan-Jun’21, accounting for more than 70% of total imports. The former continued to feed a strong Chinese appetite for high-grade scrap. South Korea was the second-largest exporter with 0.07 mn t in H1 CY’21.

On 31 Dec’20, China’s Ministry of Industry and Information Technology jointly issued a notice to confirm the duty-free imports of recycled raw material for steelmaking with effect from 1 Jan’21. This move was taken to regulate the imports of recycled steel raw materials and promote the high-quality development of the country’s steel industry.

China’s strict standards and inspection processes are keeping import volumes limited. Buyers are targeting premium quality scrap. The imports have been mainly for Japanese HS that falls in China’s new import grade category HRS101.

However, China’s scrap imports faced a decline of 31% m-o-m in Jun’21 as compared to 0.11 mn t in May’21, SteelMint learnt from China’s customs data released recently. This was largely due to the bid-offer disparity for Japanese scrap cargoes.

Imported offers from Japan rise: Offers for Japanese HRS 101 grade ferrous scrap increased tonne (t)-to $570/t CFR China in end-Jun’21from $500/tonne (t) CFR China in early-Apr’21, according to SteelMint.

Chinese ferrous scrap imports from Japan may slow down in the near-term considering the disparities in bids and offers. However, imports from South Korea may witness a boost in the near-term.