Better Deals

01/06/2024

Mr. Irfan representing Better Deals at lahore expo

01/06/2024

Met with Honorable Mr.Sergiusz Moskal ,Poland Economic Counsellor and Poland Honorary Consul General Mr. Ahmad Hasnain

29/05/2024

*Week 21 - 2024:* Range-bound Scrap and finished markets, with increased activity of sales and restocking witnessed

*Description:*
- Chinese futures moved up slightly D-bar & HRC up by 0.64% & 0.15% respectively, Coking coal and Iron ore rebounded by 3.42% & 0.22%
- Spot HRC prices remained stable through out last week
- Iron ore moved up further to $120.75/mt up by 2.75$ week-on-week
- Coking coal prices remained stable at $238/mt w-o-w
- Scrap prices increased by $6.9/mt again last week, due to bullish sentiments in rebars
- Vietnam's scrap import price and interest remained slow, Monsoon season ahead
- Vietnamese importers bought some HRC cargoes from China at improved prices, activity improved
- The Taiwan market remains stagnant due to no active demand

*Turkey:*
- Turkish mills bought 5 cargoes again this week on average prices slipped by $3/mt w-o-w
HMS(UK) moved at $373-377/mt and HMS(USA) was booked at $379-381/mt levels
- Rebar prices adjusted down a little by $5/mt in exports touching $575-580/mt FOB levels
- Activity and local sales of rebar improved, hence supporting new cargo bookings

*CIS/Iran/Russia:*
- Iranian billet prices stable at $475 FOB
- CIS billet prices were more or less stable with a slight downward correction, appetite seems stable

*Europe:*
- Flat and long consumption remains stable, pricing was also range bound through out the week, some restocking may happen in coming weeks
- Polish rebar prices dropped due to sluggish demand from consumers last week
- UK Scrap prices slid $3/mt for exports

*USA*
- June pricing expectations are sideways, but negative sentiments prevail in the market due to a Slower HRC market for months now as well as depressed demand, Some mills may go on maintenance thus requiring lesser scrap, while these shut downs will surely help give some support to the finished prices
- Prices for Turkey dropped by 2-3$ last week, and containerized markets remained absent from the market.

*Bangladesh & India*
- Indian customers interest was low, Bid prices were 410-412$ levels against offers of 417-420$, customers need to restock but cautious buying continues. Customer had bought few bulk cargoes earlier and now not in a rush and wish to test the levels achievable.
- Clear sentiments would be developed after elections by mid-June
- Enquiries for HRC from Europe kept coming to Indian mills, as they were not offering any materials for last two months due to scheduled maintenance shut downs. Offer prices are up by 20-30$ and no sales hard till now for exports of HRC but it's a positive sign
- The Bangladesh market had booked deep seas cargoes earlier, but no new sales heard last week except few small containerized bookings from far east and mainly from Australia. Market remained sluggish

*Pakistan:*
* Shredded offers were at $420-425/mt mostly and deals concluded at $418-423 levels, Fresh offers are again at $423+ levels on average, customer's enquiry this week will decide where the price would move.
* Enquiry is being generated in the Pakistan market, and buying activity may increase in this week and next week for pre-Eid buying
* The local market stabilized and rebounded as well by RS5000 in scrap and commercial billet in the last week, distress sales seem to have vanished which will eventually support the market.
* Rebar sales and cash flows started to slightly improve
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- Chinese futures moved up slightly D-bar & HRC up by 0.64% & 0.15% respectively, Coking coal and Iron ore rebounded by 3.42% & 0.22%- Spot HRC prices remain...

03/04/2024

*Week 13 - 2024:* Chinese market drops to record low, while Turkish buying continues at its pace with some improvement in scrap prices

*Description:*
- Chinese futures sharply declined D-bar & HRC down by 5.76% & 5.34% respectively, Coking coal dropped massively by 9.81% & iron ore was sharply down by 9.93% [10-month low]
- CISA recommends mills to reduce productions, HRC prices down by $20-22/mt w-o-w
- Shagang Steel cuts scrap prices by $7/mt twice in a week, a total reduction of $14/mt last week
- Iron ore Price sharply dropped by $10.5/mt last week to be at $98.5/mt [levels seen months ago]
- Coking coal prices remained stable at $245/mt last week
- Billets prices dropped to 4-5 years low to RMB3280/mt, prices are lower than the Covid times!
- Real estate companies struggle financially further badly and are in a bad position
- Today being the first day, Chinese futures are highly volatile and news of production cuts and that mills are meeting to control prices is sending strong signals of hike and stability/rebound.
- Vietnam's scrap import prices remained stagnant this week, with Chinese HRC being offered at $20/mt lower as compared to last week which may disturb the local market
- Taiwan scrap import prices remained stable at 350-355$, new scrap buying decisions delayed untill clarity comes

*Turkey:*
- Turkish mills bought almost 9 more cargoes at further increased prices last week, Price rebounded for straight another week by $4/mt [3rd week of improvement]
HMS(EU) booked at $385-385.5/mt HMS(USA) booked at $389/mt, while Shredded and Bonus booked at $407/mt
- Mills may need to buy 3-4 cargoes more, and the trend might change though yards sit so tight on inventories due to slower inflow and not in the mood to discount on prices
- D-bar prices have been stable at $590-600/mt FOB levels
- HRC prices slipped by $20/mt last week due to slow sales
- Turkish elections going on, and unofficial results surprisingly show the opposition taking the lead against Erdogan which can be a game changer. The reason for the declining popularity of Erdogan after 2 decades of rulership is mainly high inflation and high interest rates i.e. 50% per annum
- Some major decisions might be made as soon as the new government is formed

*Iran/Russia:*
- Iran billets down by $5/mt to be at $475/mt
- Russian mills exporting pig iron at improved prices to Europe up to $15/mt

*Europe:*
- The EU market for Longs and Flats remained depressed in terms of sales, with Longs prices down by Euro20-25/mt
- Benelux prices rebound by $3-4/mt due to Turkish buying spree
- UK HMS prices are up by $1-3/mt with no export order made with Turkey last week, sales have been pretty slow despite higher price marks
- Dockside prices in Europe remain the same.
*USA*
- HRC prices slightly improved, and Sentiments improved.
- Pig iron stays stable for imports into the US, as well as Russian exports to Europe, and Brazil Price tags are all stable
- An Incident at the Baltimore bridge in the US sent panic signals initially for further logistics issues but it calmed down in a day when sellers/buyers realized it might not have any great impact on steel due to very small quantities movement through that channel

*Bangladesh & India*
- Bids for Containerized HMS and Shred remain very low from India, While sellers increased their offer prices
- Some activity was seen in India, Billets price recovered and rebounded generating some appetite for scrap buying soon.
*Pakistan*
* Shredded offers moved up slightly $418-$425/mt mostly(depending on origin) and deals concluded at $419-423 levels, $5/mt up w-o-w, Activity remained further slow in last week due to liquidity crisis and customers were busy with utility bills payment.
https://youtu.be/FKX7Y3sUqaU
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- Chinese futures sharply declined D-bar & HRC down by 5.76% & 5.34% respectively, Coking coal dropped massively by 9.81% & iron ore was sharply down by 9.93...

26/03/2024

*Week 13 - 2024:* Turkish and Chinese markets both rebound to give relief to global scrap and finished markets, bottom fishing continues by customers

*Description:*
- Chinese futures rebounded this week with D-bar & HRC up by 1.91% & 2.37% respectively, Coking coal slightly up by 0.33% & iron ore sharply up by 4.87%
- Rumors continue that the government will keep playing its role in reducing margins
- Mills keeps productions at a minimum to avoid losses, HRC prices up by $15/mt w-o-w
- Iron ore Price sharply rebounded by $9/mt last week to be at $109/mt
- Coking coal prices adjusted down further to $245/mt down by $25/mt this week also

- Vietnam's scrap import prices rebound by $8-9/mt this week after depression for weeks
- Taiwan scrap import prices also rebounded by $9/mt
- Japanese crude steel production up 1.1% y-o-y, Prices remain sideways

*Turkey:*
- Turkish mills bought more cargoes at further increased prices last week, Price rebounded for straight another week by $4-5/mt
HMS(USA) booked at $382/mt [rumour of $384 in the market], while Shredded and Bonus booked at $402/mt
- New offers at $390 from sellers, The Deal may conclude at $385 if Turkish buying continues
- D-bar prices have slightly rebounded by $5/mt w-o-w at $590-595/mt FOB levels
- HRC prices remained sideways with pressure still on, Chinese rebound may help sustain prices
- Recyclers get more confident with pricing, as Turkish bookings resume and Chinese sentiments get the support
- Lira strengthened last week
- Interest rate increased by 5% to be at 50%/annum in Turkey, which gave support to Lira
- Construction confidence numbers remain depressed for march
- Election in Turkey at the end of March, Heard rumours of the energy price rise by 150% in April in Turkey as the new government is formed, which will have adverse effects on the cost of production and thus on scraps

*Iran/Russia:*
- Iran billets down by $5/mt to be at $475/mt
- Russian Billets prices stable at $510/mt FOB basis

*Europe:*
- The EU market for Longs and Flats remained depressed in terms of sales, with Italian rebar down by Euro5-15/mt and plate prices down by Euro10/mt.
- Benelux prices rebound by $5-6/mt due to Turkish renewed interest
- UK HMS prices are up by $3/mt due to fresh interest for exports
- Mills may have difficulties matching the scrap prices paid by Turkey if the sales of finished remain depressed, but no other option except to match the pricing

*USA*
- No more discounts on HRC prices offered, Mills remain firm and customers are bound to buy at a given price to re-stock, the Price floor is finally found
- Pig iron import prices rise due to stability in price scrap pricing, Brazil Pig iron activity picks up on firm prices

*Bangladesh & India*
- Bids for Containerized HMS and Shred remain very low from India
- Customers wait for the election market to take any fresh moves, Semi-finished and finished sales also remain slow
- Bangladesh activity remained slow, Australian HMS heard sold at $398-400 while offers at $405-408
- Bulk booking heard made in Bangladesh at $390 & $395/mt

*Pakistan*
* Shredded offers moved up slightly $410-$420/mt mostly(depending on origin) and narrowed to $412-420, $5/mt up w-o-w, Activity remained so slow with not much business heard
* Customers are hopeless of any positive activity this week, being utility bills week, Customers expect improvements only Post-Ramadan
* Dubai HMS offers are at $395/mt stable, with comparatively better tonnages available as compared to last week
* Rebar prices remained stable to downward depending on payment terms.
* Staff level agreement reached for the next trench of $1.1 billion
* Interest rate remained firm/stable in last week's meeting, PKR strengthening slowly against USD for a few days
https://youtu.be/vF2xrbVw6O0

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- Chinese futures rebounded this week with D-bar & HRC up by 1.91% & 2.37% respectively, Coking coal slightly up by 0.33% & iron ore sharply up by 4.87%- Rum...

11/03/2024

*Week 11 - 2024:* Prices nose-dived to 4 months low, market bottom and resistance being tested as seller's resist to discount any further

Description:
- Chinese futures slid down further with Dbar & HR down 2.93% & 2.24%, Coking coal & iron ore both were down by 3.40%
- No Stimulus was announced by the government during the higher official economic meetings last week, some hopes are still there in 1-2 days
- Rumors of purring export duty on Billets and Slabs still circulating with no certainty
- Mills operate at bear minimum production due to low margins and no plans to hike up the production as demand remains slow too, depression stays there
- Tighter scrutiny for non-VAT business in China which may lead to a reduction of tonnages being exported without tax at cheaper rates, but it will drag down the Chinese exports due to intense competition of pricing but would be healthy for market players and other countries. As per an estimate, 30-35% of exports of HRC & Wire rod were NON-VAT
- Scrutiny of NON-VAT business may reduce the exports from China due to competitive global markets but eventually will prove to be a healthy change for exporters from China and global players
- Domestic scrap purchase prices are down by $5/mt. D-Bar and wire rod down by $15/mt in last week
- Spot HRC prices down by $5-10/mt w-o-w
- Iron ore Price stable and move up by $1 to be at $116/mt
- Coking prices adjusted down to 303/mt down by $4/mt

- Vietnam's scrap import prices were down by $5/mt, and domestic billets and scrap were down by $16/mt last week
- Taiwan scrap import prices down by $8-10/mt, domestic Rebar and scrap down by $9-10/mt last week
- Japanese domestic scrap purchase price by mills reduced by $5/mt

*Turkey:*
- Turkish mills kept pushing the prices down throughout the week, Price dropped w-o-w by another 16$/mt this week,
HMS(EU) booked at $372/mt, while US HMS(80:20) booked at $376/mt earlier and at the weekend price went up to $381/mt for SU HMS, Shredded and Bonus last heard at $396/mt *[Drop of $40/mt in 2-3 weeks]*
- Turkish customers got active in 2nd half of the week to restock for April, mixed sentiments and rumours in the market about the further course of action by Turkish mills
- Domestic scrap prices reduced by $5-6/mt w-o-w
- D-bar prices dropped by $5/mt to $585-590/mt levels
- HRC prices remained depressed with hard-to-make sales

*Europe:*
- EU coils prices further down by Euro20-30/mt last week (in Italy especially), due to the inflow of cheaper finishes from India, Vietnam, and China
- UK and Europe docks prices adjusted down by 16$/mt roughly due to Turkish price adjustment
- Longs prices in Germany down by Euro10/mt and depression across Europe
*Iran/Russia*
- Iran billets maintained price levels
- Russian HRC prices are down further by $10-20/mt, pressured by the other origin's lower price levels being offered
*USA*
- HRC prices touch the level of $800 in the US, which has helped mills push the domestic scrap prices down further
*Bangladesh & India*
- Containerized offers for HMS and Shred down by $5-8/mt but no deals heard
- Indian customers get back to the scrap market as the prices come in their target range, Shred sold in India at 405-410 levels more appetite visible at those numbers
*Pakistan*
* Shredded offers were at $405-$418/mt mostly (depending on origin) with several bookings heard within this range Market came down by $10/mt w-o-w. Customers are coming back to re-order to average the price
* High expectations from the new Government, but Ramadan is about to start today, Customers expect markets to remain slow for at least a week
* Dubai HMS offers are at $390-400, with limited quantities available
* Rebar prices reduced by PKR5000-7000/mt across Pakistan

https://youtu.be/KJ_gHJFAC7s

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- Chinese futures slid down further with Dbar & HR down 2.93% & 2.24%, Coking coal & iron ore both were down by 3.40%- No Stimulus was announced by the gover...

05/03/2024

*Week 10 - 2024:* Muted activity in global steel scrap markets sending prices down further due to a lack of customer interests

Description:
- Chinese futures slid down further slightly with Dbar & HR almost stable, but Coking coal was down by 1.18%, Iron ore down by 1.48%
- Spot prices down by $10/mt w-o-w
- Iron ore Price slid by another 5.75$ to be at $115/mt
- Coking prices adjusted down to 307/mt down by $8/mt

- Vietnam's Hoa Phat Steel slashed HRC prices by another $11/mt this month
- Scrap Import activity in Vietnam is slow due to sluggish sales of finished
- Taiwan scrap import prices are down $5/mt w-o-w, Domestic down by $7/mt, Billets stagnant with a reduction of $9/mt in last week (cheaper billet imports disturbing the equilibrium)
- South Korean mills slashed $5/mt for imports of scrap, while another $7/mt this week for domestic procurement
- Scrap exports from Japan down by 20% y-o-y

*Turkey:*
- Turkey remained mostly quiet with two deep sea cargoes booked last week at much lower price levels, Price dropped w-o-w by 16$/mt,
HMS(EU) indicated at $385/mt, while US HMS(85:15) booked at $393.5/mt & Shredded at $410.5/mt
- Turkish customers are mostly quiet and expecting further lower numbers as finished sales are not supported
- Domestic scrap prices reduced by $17-18/mt w-o-w
- D-bar prices dropped by $20/mt to $590/mt levels
- HRC prices adjusted down by $10/mt

*Europe:*
- EU coils prices further down by Euro10/mt last week
- UK yards adjusted their prices down by 14$/mt last week
- Longs prices remained stable despite lower sales
- Benelux prices are down by $14-16/mt due to Turkish adjustment in price

*Iran/Russia*
- Iran billets maintained price levels
- Russian HRC prices are down by $10/mt, pressured by the other origin's lower price levels being offered
- Kazakhstan has put a ban on scrap exports, which could affect the balance of demand/supply for mills in Russia, as 0.5 million mt was being Fed to some EAF furnaces in Russia

*USA*
- HRC prices yet to stabilize and find a bottom near $800-825/mt
- Pig iron and Slab prices keep adjusting downward as the pressure increases on scrap prices
- Domestic scrap prices in the US might adjust down by $30-35/gt for March settlements, as the Turkish prices further pushed the sentiments into negative territory

*Bangladesh & India*
- Containerized offers for HMS and Shred down by $10-12/mt but no deals heard
- Bulk sales heard in B'desh at 403-412/mt (HMS basis) good number of cargoes heard booked in the market
- Indian customers opt to remain out of the markets, Although inventory levels are decreasing and it looks like Indian customers may enter the market as soon as their desired levels are seen
- The Indian Domestic market started to hold ground.

*Pakistan*
* Shredded offers were at $425-$435/mt mostly (depending on origin) with only a few bookings heard at this range keeping the market very quiet down by $10/mt w-o-w. Slow buying may continue as the customers try to average down the previous procurements
* Government is officially formed now, Utility bills week is over, Ramadan is about to start in 8-9 days, customers may keep buying at the new price levels
* Dubai HMS offers are at $410, The Dubai market was seen a bit under pressure recently despite several challenges in exports of cargoes. Firm interest in procurement from Pakistan might be needed to strengthen and stabilize the prices.
* Rebar & Billets sales were slow last week, but it is expected that the activity may increase this week due to positive sentiments politically, as well as the weather being clearer now
* The government may have to announce some projects and mobilize the economy to minimize the public un-rest, which may once again make Pakistan market an attractive destination

https://youtu.be/LyL2BYkuGDM

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- Chinese futures slid down further slightly with Dbar & HR almost stable, but Coking coal was down by 1.18%, Iron ore down by 1.48%- Spot prices down by $10...

30/01/2024

*Week 5 - 2024:* Stability persists in global scrap and finished markets with sales mostly dull through out and no indicators of any sharp adjustment of pricing

Description:

*China:*
- Chinese futures recounded slightly in last week after the government intervention in money markets, Dbar up 1.66%, HRC up by 1.73%, Coking coal up by 0.20%, Iron ore up by 4.92%
- Spot Iron ore is at $136/mt up by $6/mt w-o-w
- Coking coal stable at $337.5/mt
- HRC Spot prices stable at $580 on average for Pakistan
- Chinese Real estate market's response is still not upto the mark, Futures market reacted fast against gov intervention but no major change in Spot pricings
- Mills run with low or negative margins for flat productions mainly, BF mills are loosing more then the EAF's due to expensive raw materials
- Tangshan processors are being asked to cut down sintering and productions by 30-50% to control air pollutions as the Air quality index goes down in the region, which may support pricing of finished while will badly affect the Iron ore pricing
-Taiwan prices stagnant to down by 2-3$/mt, Finished long pirces wer eimproved by 10$/mt but mills ar enot active in new scrap procurement for next 2-3 weeks thus trying to push prices down.
-Vietnam prices are stagnant with some import buying done last week but no change in pricing, activity is slowing down now prior to Lunar holidays, Bids are lower from mills to test markets and due to no immediate appetite for scrap
-Japanese domestic scrap prices under pressure, as the major mills cut down buying prices of scrap, exports market also slow

*Turkey:*
- Turkey kept on booking scrap cargos for Feb/ and march
Earlier in the week, UK HMS bought at $413/mt and later in the week EU HMS booked at $420/mt , Shredded bookings stand at $438-440 levels
- Scrap prices in Turkey adjusted down by 2$ in last week
- Turkish rebar prices stable due to increased prices of scrap and higher wages of labor, $615-620 FOB while 635-640 ex works basis, Mills struggling to pass on the hikes to consumers or to negotiate the scrap prices down.
- Sharp increase of labor wages coming in 2024, 98% rise in 1st six months of 2024, and 30% increase in second half of 2024

*Middle east:*
- War conflicts in the region raising concerns for all stake holders/countries in the region who have been trying to push the economies up
- World steel declared the sector as best performing one, Dubai & Saudia among the top, Crude steel production in middle east increased by 4% y-o-y, Kuwait by 11%, Qatar by 6%
- Dubai real estate is in high demand, with investors flocking in and creating real legitimate demand, thus teh rebar prices in Dubai are at the top in the region
- KSA has high goals set but somehow could'nt execute and deliver as expected in last year, but they plan to keep the pace on in 2024
- Real bullishness may come after Ramadan and Eid holidays in the region, and once the geographical war issue cools down
- Clarity about Export Duty in Dubai may come by next week.

*Europe:*
- Italian mills increased the Flat's prices by Euro15/mt, although demand not good yet, but higher costs needs to be passed on.
*Iran/Russia*
Billet prices are pretty stable and order books are healthy so no major change from these markets

*Bangladesh & India*
-Market remained sluggish Bangladesh and customers are on a wait and watch position
Customer's expect it will go on further for a month until they liquidate their high stocks and iventories.
-JSW India profits went down by 17% in Q3 due to intense competition worldwide.

*Pakistan*
* Shredded offers were at $438-447/mt with some booking heard at $440 and $442 levels
* Customers shaky about booking Middle east scraps due to the issues with export Duty, but tonnages booked at +5-7$ as compared to last week at $415 levels in last week
https://youtu.be/T_JzyexhwFA
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China:- Chinese futures recounded slightly in last week after the government intervention in money markets, Dbar up 1.66%, HRC up by 1.73%, Coking coal up by...

26/01/2024

*Week 4 - 2024:* Markets at standstill with finished and scrap prices range bound

Description:
*China:*
- Chinese futures remained stable
- ⁠spot market is range bound

*Turkey:*
- Turkey bookings slow down witnessed with prices adjusting downward by 5-7$ for cargoes booked on weekend
- Turkish rebar prices were stable

Rest of the markets are waiting to see turkeys next move but no offer prices have gone down substantially while turkey corrects down.

*Pakistan*
* Shredded offers were at $432-445/mt with several bookinds done in last week
* HMS prices in middle east were at $410/mt - Freights expected to rise further after recent hike
* Rebar and finished prices are stable with slow sales slight price improvements announced by mills in last week
* postponed ETA’s are creating problems and gaps in the inventory as being expected and concern shown in several past week’s opinions
* ⁠Dubai scrap exports duties being the hottest topic which may bring a halt in trade for some time - comments and sentiments mixed though prices supported by demand from pak

https://youtu.be/Vl3j8jaZAyI
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China:- Chinese futures remained stable- ⁠spot market is range bound Turkey:- Turkey bookings slow down witnessed with prices adjusting downward by 5-7$ for...

15/01/2024

*Week 3 - 2024:* Markets are range bound after slight increase. Freight hike adjustments in progress

Description:
*China:*
- Chinese futures slides this week as well , Dbar down -1.64%, HRC down by -1.13%, Coking coal down by -1.09, Iron ore down by -5.21%
- Spot Iron ore adjusted down further by $8/mt to $132/mt w-o-w
- Coking coal slides down by $3-4 to $337/mt
- HRC Spot prices remained mostly stable in last week

- Vietnam Formosa increased HRC prices by $27/mt, China got the chance to sell some parcels at lower prices to Vietnam
- Taiwan scrap rpices down by $3/mt w-o-w
- South Korean customers back to market with improved prices 8-15$ up, Japanese cargo also booked by South Korea after a long time

*Turkey:*
- Turkey continues to book more scrap cargoes for Feb, 10 cargoes booked in Jan
USA HMS was bought at $424/mt and $442/mt for Shredded last week, European HMS booked at $418/mt as compared to $414 in last week.
- Scrap prices in Turkey stable to upward with more activity witnessed in last week but customers think it has reached it's ceiling and may adjust downward
- Turkish rebar prices increased by another 10$ by mills due to increased prices of scrap, as well as some actions taken to put protection duty for imports of wire rod
*Iran & Russia:*
- Billets from both origins are stable with healthy demand, Iranian Billets are sold out and Price levels are stable to upward.
- Russia's Billet sale is stable and activity increased for Turkey, HRC exports also gained momentum in exports with 5-7$ increase in price

*Europe:*
-Italian steel coil producers increased offer prices
-Japanese/Indian offers of HRC/CRC surfacing in the European market with customers waiting to have clarity on market direction, some new deals expected in this week
-Slabs demand improves, with increase in price 30-45$/mt
-UK domestic scrap exchanged hands at higher numbers, increased by 7-14$/mt

*USA:*
- US market has started to settle down after some highs and lows recently, Prices seem to be rolling over from December to Jan with some grades fetching lower prices for yards
- Overheated market of coils started to settle down, and market is getting back to normal

*India:*
- Indian market seems to be slow and stagnant with no new bulk bookings heard
- Containerized sales have been dead, distress cargoes are all over and not being able to get market prices.
- Shredded (containers) offer up by 5-10$ but no reaction from customers
- More Scrap bulk cargoes are arriving in Indian ports - inventory levels are more then usual with mills
- It's expected that Indian mills would book afew export orders to release the pressure, as domestic liquidity remains a problem and market is overall slow before the elections

*Bangladesh:*
- Bulk cargo booked in last week at $425(HMS) & $430(Shred)
- Country is through the elections, and good activity is being expected

*Pakistan*
* Shredded offers were at $430-440/mt with several bookinds done in last week
* HMS prices in middle east were at $405/mt - Freights expected to rise further after recent hike
* Rebar and finished prices are stable with slow sales
* ETA's are being postponed for most of the shipments in transit from EU/UK which may create supply chain issues as being expected for awhile now - Freight increase is the new reality for origins and destinations alike

https://youtu.be/DtXydurZaOM

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China:- Chinese futures slides this week as well , Dbar down -1.64%, HRC down by -1.13%, Coking coal down by -1.09, Iron ore down by -5.21%- Spot Iron ore ad...