This week witnessed fall in Japanese scrap prices, both by domestic mils as well as in bids put by Hyundai Steel. Turkish imported scrap market cooled down after observing hike in week’s beginning amid forthcoming elections. Importers in Pakistan turned active for scrap bookings on expected increase in steel prices over currency depreciation. However China’s Shagang Steel has kept domestic scrap purchase prices unchanged this week.
Tokyo Steel reduced Japanese scrap purchase price – Japan’s steel mill – Tokyo Steel announced 3rd price cut for June this week. Prices have come down by JPY 500/MT (USD 5) for low and medium grades of scrap at Utsunomiya work while for all grades of scrap at Tahara plant. Now H2 scrap fetches at JPY 35,500/MT (USD 322) for Utsunomiya and JPY 35,000/MT (USD 318) at Tahara works. However prices for all grades of scrap remained same as the earlier for South-Western works like Okayama plant, Kyushu factory and Takamatsu Steel center in Japan.
Hyundai Steel slashed bids for Japanese scrap – South Korea’s leading EAF steelmaker – Hyundai Steel has presented bids for Japanese scrap this week and lowered bids for H2 grade by Yen 500/MT (USD 5). Now the H2 bid is assessed at Japanese Yen 33,000/MT (USD 300) against its last bid placed last week (14th June) at JPY 33,500/MT, FoB Japan.
The steelmaker also reduced the bids for other grades of Japanese scrap by JPY 500/MT as against last bids. Bids for medium grade scrap like HS and Shredded assessed at JPY 37,000/MT (USD 336) and for high-grade scrap Shindachi Daichibara (SB) at JPY 40,000/MT (USD 364), FoB Japan.
South Korean steel mills have continued booking bulk scrap import vessels this week too. Dongkuk Steel is heard to have booked two bulk scrap vessels from USA recently.
Imported scrap prices in Turkey stable after price hike in week’s beginning – Imported scrap prices in Turkey increased sharply in the bookings made early this week. However, later this week market cooled down ahead of the upcoming elections for parliamentary and presidential elections. Price assessment for US origin HMS (80:20) stands at USD 356-357/MT, CFR Turkey. 3-4 deep sea cargo bookings were confirmed early this week. However owing to elections scheduled by the weekend, trade activities remained limited.
Taiwan scrap import prices remain firm – Import scrap prices in Taiwan remained stable on good demand. Price assessment for US origin HMS (80:20) stood at USD 330-335/MT, CFR, stable against last week.
3 bulk vessels expected to arrive at Indian ports – As per vessel line-up data maintained with SteelMint, three bulk scrap import vessels are expected to arrive at Indian ports by the end of this month. This week, imported scrap prices in containers have remained stable against last week. Shredded scrap price assessment from UK/USA is around USD 380-385/MT, CFR Nhava Sheva. Price assessment for HMS from Africa and Europe is around USD 345-350/MT, CFR.
Importers in Pakistan actively book scrap; prices up – Imported scrap market in Pakistan remained active on expected increase in steel prices over currency depreciation. Shredded in containers from UK was heard to have traded at USD 385-388/MT, CFR levels. Towards the end of last week, a large steel mill in Pakistan booked around 12,000 MT Shredded scrap in containers from UK at USD 380/MT, CFR.
Bangladesh importers remain silent amid festive holidays; prices stable – Bangladesh based scrap importers remained silent and markets observed limited trades this week. Markets opened late this week owing to festive Eid holidays last week. HMS is being quoted at USD 360/MT, CFR and Shredded from UK around USD 390-395/MT, CFR levels.
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