Global scrap market remained slow throughout the week. Turkish market witnessed few bulk bookings. Japanese domestic scrap purchase price remained unchanged this week, while Japanese scrap export prices to South Korea moved down. South Asian market witnessed negligible trades in containers.
Turkey: In the beginning of the week, imported scrap offers to Turkey crashed to 3.5 years low levels, however later in the week, the prices edged up slightly and look to rebound due to shortness in supply on slow scrap inflow into yards.
In the latest contract confirmed, a USA based scrap supplier sold a bulk cargo to a Turkish steel maker at an average price of USD 218/MT, CFR Turkey. The cargo comprised of 21000 MT of HMS 1&2 (90:10) and also included 5000 MT of shredded.
Also, a Russian cargo comprising a small batch of 3000-4000 MT of HMS 1&2 (90:10) at USD 224/MT CFR Turkey. Prior to that, at the opening of the week, HMS 1&2 (80:20) from Denmark was sold at USD 207/MT CFR Turkey.
SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at USD 213/MT, down by USD 18-20/MT against last week and up by USD 2-3/MT against the opening of this week.
China: China’s Shagang Jiangsu Steel group has announced price cut thrice this week for all major grades of domestic steel scrap procurement, with scrap purchase prices being cut by a total of RMB 150/ MT against the previous week.
Post the third price cut, Shagang Steel is now paying RMB 2,380/MT (USD 335) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China.
South Korea: Imported scrap offers to South Korea for Japanese H2 has come down by JPY 1000 /MT (USD 9) to JPY 20000/MT (USD 189) this week. Two major South Korean mills have concluded a deal earlier this week at around JPY 20,500/MT Fob basis. Notably, Hyundai steel did not make any open bid this week for Japanese scrap.
Japan: Japan’s Tokyo steel kept its purchase price unchanged this week after made price cuts all of its five works in the previous week. For H2 scrap delivered to its Tahara plant in the central region remained at JPY 20,000/MT (USD 184).
India: Imported scrap offers to India remained stable this week, amid lockdown in the country no trades were observed throughout the week. However, few offers for shredded range bound between USD 240- 250 from North American origins.
Pakistan: Imported scrap offers to Pakistan witnessed a drop of USD 5 /MT on a weekly basis. Mostly steel mills are closed due to strict lockdown across the nation as an alert on global pandemic COVID-19.
SteelMint’s assessment for Shredded scrap from UK/Europe stands at USD 235/MT CFR Qasim, further down by USD 5/MT against last week’s closing, with a few containerized bookings were reported.
Bangladesh: Imported scrap trades in containers to Bangladesh were slow this week, with few deals being observed. A major EAF Steelmaker from Chittagong booked a bulk cargo from a USA West Coast based supplier, at USD 250/MT CFR Chittagong for 32,000 MT of cargo entirely comprising of Shredded scrap.
SteelMint’s assessment for containerized shredded stood at USD 255-260/MT CFR Chittagong. Most offers stood closer to USD 260/MT, while buyers’ bidding for shredded stands at USD 250/MT CFR.
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