Singaporean stainless steel scrap exporters not confident of the market outlook
2016-05-30 08:51:15 [Print]
BEIJING (Asian Metal) 30 May 16 - Currently most stainless steel scrap exporters in Singapore are a little bit pessimistic about the market prospect in view of the downward price trend of raw materials and the slow market, but they maintain prices temporarily stable. The prevailing export price of 304 solid scrap is USD1,030-1,050/t CIF Nhava Sheva. Insiders foresee a flat price in the coming week.
A local exporter told Asian Metal that his price for 304 solid scrap is USD1,030/t CIF Nhava Sheva, similar to last Friday.
Not being confident of the market outlook in view of the poor export market performance, the source refuses to build any stock at the moment, while he usually held a stock of 100t at the beginning of the year. Meanwhile, he claimed it is hard to collect materials now as suppliers are reluctant to sell prices at current low prices. “Local exporters are inactive in offering now under such a slow market,” the source added. With no firm order received in recent one week, he pointed out that most Asian countries, his major export targets are in the rainy season now, and the demand shrinks much. His export volume was 300t last month, while the projected level is 500t per month.
Another local exporter revealed that his price for 304 solid scrap is USD1,050/t CIF Nhava Sheva, equivalent to last Friday
The source is also a little bit pessimistic about the market outlook, but supported by a low stock of 100t against 200-300t at the beginning of the year, he refuses to cut prices again this week, after a markdown of US20/t last week. Majoring in exporting to India, he pointed out that the high temperature and continuous rain there make the downstream demand shrink much, and he has not received any firm orders in recent one week, while the export volume could reach 100t per week in early March. In addition, the price for the raw material, nickel at LME kept fluctuating at around USD8,300/t recently and failed to reach the high level of USD9,000/t as it did in late April, weakening stainless steel scrap market participants’ confidence in the market outlook. With the export volume of around 500t in April, he keeps a keen eye on the market right now.
A local exporter told Asian Metal that his price for 304 solid scrap is USD1,030/t CIF Nhava Sheva, similar to last Friday.
Not being confident of the market outlook in view of the poor export market performance, the source refuses to build any stock at the moment, while he usually held a stock of 100t at the beginning of the year. Meanwhile, he claimed it is hard to collect materials now as suppliers are reluctant to sell prices at current low prices. “Local exporters are inactive in offering now under such a slow market,” the source added. With no firm order received in recent one week, he pointed out that most Asian countries, his major export targets are in the rainy season now, and the demand shrinks much. His export volume was 300t last month, while the projected level is 500t per month.
Another local exporter revealed that his price for 304 solid scrap is USD1,050/t CIF Nhava Sheva, equivalent to last Friday
The source is also a little bit pessimistic about the market outlook, but supported by a low stock of 100t against 200-300t at the beginning of the year, he refuses to cut prices again this week, after a markdown of US20/t last week. Majoring in exporting to India, he pointed out that the high temperature and continuous rain there make the downstream demand shrink much, and he has not received any firm orders in recent one week, while the export volume could reach 100t per week in early March. In addition, the price for the raw material, nickel at LME kept fluctuating at around USD8,300/t recently and failed to reach the high level of USD9,000/t as it did in late April, weakening stainless steel scrap market participants’ confidence in the market outlook. With the export volume of around 500t in April, he keeps a keen eye on the market right now.
