Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

An uptick in Chinese steel prices has turned Pakistani ferrous scrap importers optimistic. But many believe the market direction remains uncertain and trades would continue at a slow pace. 


In Turkey, the index for US-origin HMS 1&2 (80:20) declined after deals were reported at lower prices. Sluggish demand for scrap in the country has dragged prices down. 


The Davis Index for containerized shredded, Monday, fell $1.25/mt to 507.50/mt cfr Port Qasim from Friday. Suppliers were largely silent and few bids were active in the market. A few deals heard at $510-512/mt cfr Qasim early last week.


The Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $4.36/mt to $502.31/mt cfr on Friday. Turkish buyer continued to target purchases at prices below $500/mt cfr for HMS 1&2 (80:20) on lower domestic steel prices. 


A recovery in domestic steel prices in China after successive fall in the past two weeks gave market participants reason to expect a rebound. Domestic demand failed to encourage more restocking and mills are still limiting their purchases to immediate melt requirements.  


The Davis Index for UAE-origin HMS 1&2 (80:20) fell to $475/mt cfr Port Qasim, down $5/mt from Friday. Offers for UAE-origin mixed #1 HMS and P&S dropped driven by lower bids by Indian buyers.


The index for US-origin HMS 1&2 (80:20) settled at $485/mt cfr Port Qasim, down $1.25/mt. Offers for high-grade scrap like busheling were firm amid tight supply. 

Leave a Reply

Your email address will not be published.