Global scrap price trend moved up for many of the major markets this week. Turkish buyers remained active for bookings amid a sharp uptrend in prices, pushing the offers for Asian markets up. Japanese scrap prices continued to collapse in major export tenders concluding this week.
Turkey: Numerous deep-sea cargo bookings to Turkey were concluded this week, as Imported scrap prices have increased by around USD 15/MT W-o-W, rebounding back to Jan- end levels.
In the latest deal concluded this week, a USA based recycler sold a mixed cargo to a Western Marmara region-based steel mill, comprising of HMS 1&2 (80:20) at 275/MT, Shredded at USD 280/MT and bonus at USD 285/MT CFR Turkey.
Assessment for the USA origin scrap HMS 1&2 (80:20) stands at USD 275/MT CFR Turkey. European origin scrap stands at USD 270/MT, CFR Turkey.
Japan: Kanto Tetsugen’- Japan’s monthly ferrous scrap export tender for Feb’20 was concluded this week on 12th Feb’20. A total of 25,200 MT of Japanese H2 scrap was awarded at an average of JPY 22,751 /MT (USD 207), FAS, as compared to 26,667/MT in Jan’20, witnessing a significant drop of JPY 3,916/MT (USD 36) on a monthly basis.
Japan’s Kansai Iron and Steel Federation’s monthly tender for scrap export was concluded on the same day on 12th Feb’20. The winning bid was awarded a total of 5,200 MT of Japanese H2 at an average of JPY 22,750/MT (USD 207) FAS, down by JPY 2,900/ MT against last month winning bid was registered at JPY 25,650/MT level.
Tokyo steel has lowered its scrap purchase price further by JPY 1000/MT (USD 9) at all of its 5 works. After the said price cut, the company is now paying JPY 20,500/MT (USD 187) for H2 scrap delivered to its Tahara plant in the central region, while the revised price for H2 delivery to Utsunomiya plant in the Kanto region and Kyushu works in the western region is JPY 20000/MT (USD 182).
South Korea: Following Japan’s both Kanto and Kansai export tender results concluding at sharply low levels, Hyundai Steel cuts its bid this week for Japanese H2 scrap procurement to below 3 years low level. The bid price lowered to JPY 22,000/MT (USD 200), down by JPY 1000/MT (USD 9) as compared to JPY 23,000/MT (USD 209) FoB, bids were reported last week.
India: After the surge in global scrap prices on the back of a strong rebound in Turkish deals, imported scrap offers have up by around USD 15-20/MT in just a week’s span. Indian buyers seemed hesitant to actively procure at these price levels after booking decent volumes earlier this week.
SteelMint’s assessment for Shredded 211 to India from USA and UK/Europe now stands at USD 290-295/MT CFR Nhava Sheva up from USD 280-283/MT last week. Although amid continues rise this week, offers are now in the range of USD 296-300/MT, most buyers are bidding significantly lower at USD 285-290/MT, leading to very limited trades towards the end of the week.
Dubai HMS 1 (no ci gi) offers stand at around USD 292-295/MT, with few trades getting concluded at around USD 290-292/MT over the previous few days.
Bangladesh: Offers for imported scrap to Bangladesh remained very limited as suppliers from better prices in other markets. Assessment for containerized Shredded scrap from UK/Europe currently stands in the range of USD 295-300/MT, CFR Chittagong. Offers for North American and North Europe origin shredded were heard at USD 285/MT and USD 295/MT respectively, however, buyers are bidding at a low-level price.
HMS1 from Brazil is being offered at USD 270/MT CFR Chittagong, whereas buyers have shown interest for domestic scrap amid fewer trades reported for imported scrap during the week.
Pakistan: Imported scrap offers to Pakistan, rebounded this week amid several active bookings reported throughout the week. Assessment for Shredded 211 scrap from UK/Europe stands in the range of USD 300-302/MT CFR, rebounding by USD 15-20/MT against last week offers were reported below USD 280-283/MT. Many shredded bookings were reported this week in the range of USD 295-300/MT from Europe & US suppliers.
HMS offers from UAE climbed up by USD 8-10/MT W-o-W. HMS 1 super from Dubai is being offered at USD 290-295/MT CFR Qasim, against USD 280-282/MT levels last week.
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