Imported scrap market moved up on a weekly basis as Turkish steelmakers concluded bulk bookings actively this week at increasing prices, pushing offers up for South Asia as well, where buyers remained inactive for trades due to lockdown. Japanese domestic and export scrap prices remained unchanged this week.
Turkey: Turkey’s scrap import price surged further on low scrap availability, as numerous bulk deals concluded this week against a slow last week, with buyers trying to secure material on anticipation of shortage in future.
In the latest deal, a recycling yard from the USA, sold a bulk cargo to a Mediterranean region based steel mill. The cargo comprised of 10000 MT of HMS 1&2 (80:20) at USD 256.5/MT, 14000 MT of shredded at USD 261.5/MT and 6000 MT of P&S at USD 266.5/MT CFR Turkey.
SteelMint’s assessment for USA origin HMS 1&2 (80:20) is being reported at USD 257-258/MT CFR Turkey, remaining at the same level as earlier in the week, while, increasing by USD 10/MT in comparison to the closing of last week. Assessment from Europe stood at USD 252/MT CFR Turkey.
Japan: Tokyo steel kept its domestic scrap purchase price unchanged this week. The company is paying JPY 19,500 /MT (USD 180) for H2 scrap delivered at the Tahara plant in the central region, while for Utsunomiya works located in the Kanto region the price set at JPY 18,500/MT (USD 171). South Korean’s steel mills did not make any bid for Japanese scrap this week, and Hyundai Steel’s previous bid price for Japanese H2 scrap
procurement standing at JPY 18,500/MT (USD 171) FoB Japan.
India: Indian scrap market remained inactive in its buying activities this week, however, few offers have heard at a higher level with no buying interest has been observed.
Shredded scrap is being offered at USD 275/MT, CFR, rising by around USD 6-7/MT against last week. Offers for HMS 1 from Brazil at USD 255-260/MT and Australian origin HMS 1&2 (80:20) is recorded at USD 250/MT, CFR levels, whereas, buyers are bidding at low level price.
Pakistan: The nationwide covid’19 lockdown has extended till 30th April, as per PM’s order released this week. In line with the latest Turkish deals imported scrap offers to Pakistan have moved up slightly this week, however, trades were not observed this week, as compared to last week’s report.
Assessment for Shredded 211 from UK/Europe is being offered at USD 270-275/MT CFR Qasim, increasing by USD 10/MT against last week. No major bookings were witnessed at these levels, with some bids at USD 270/MT level.
Bangladesh: Most of the major mills have suspended there steel making production due to Covid-19 lockdown declared across the nation. Meanwhile, in 1st week April, a major steelmaker had booked a bulk vessel of 26000 MT of mixed cargo from Australia and the cargo is for May shipment, which was confirmed earlier this week.
Although few Imported shredded 211 offers in containers surged to USD 285-290/MT CFR by this week, but no trades reported at such high levels due to lockdown.
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