- Turkish imported scrap prices soften from 2020 high
- Japan’s monthly scrap export tender fetches bid higher by $20 m-o-m, domestic scrap price hike follows
- South Asian scrap trades remains slow on bearish steel demand
Turkish imported scrap prices soften towards weekend – Imported scrap prices in Turkey inched down by $1/t in recent bulk cargo booking from Baltic after aggressive bookings of six cargoes early this week. SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $301/t CFR Turkey, up $5/t w-o-w.
Japan: Monthly scrap tender fetches bid higher, domestic prices follow suit –Japan scrap export prices in monthly tender (Kanto Tetsugen) surged by by $20 compared to last month. A total of 20,000 t of Japanese H2 scrap was sold at an average price of JPY 29,370/t ($277) FAS basis. Following an uptick in the global scrap prices, bids in Kanto tender have risen sharply and hit over one-year high in Sep’20.
Tokyo Steel raised its domestic scrap purchase price by JPY 500 ($5) for Tahara works in Central Japan and kept bid price unchanged for the other four works this week. Currently, the company is paying JPY 26,000/t for H2 scrap delivered to Tahara and may increase H2 prices further, especially for Utsunomiya works due to monthly scrap tender.
South Korean mill raises bids for Japanese scrap – South Korea’s major steelmaker – Hyundai Steel announced bids for Japanese H2 scrap at JPY 28,000/t ($264) FoB Japan, up JPY 1,000/t, higher than previous booking. Meantime, Japanese export offers have increased by JPY 1,000/t w-o-w.
SteelMint assessment for Japanese scrap export offers stands at JPY 29,000/t FoB, up by JPY 1,000/t w-o-w.
Imported scrap trades remain slow in India – Indian scrap import market has remained firm this week due to weak demand for finished long steel in the country. Meanwhile, import offers moved up amid an uptrend in Turkish scrap market. Containerized shredded offers rose over a week ending as limited deals were booked at higher levels amid continued supply tightness.
Sponge iron demand has slightly weakened in the Indian domestic market owing to a fall in production of furnaces due to shrinking margins.
SteelMint’s assessment for Shredded scrap in containers stands at $325/t CFR Nhava Sheva, while suppliers have quoted the offers at around $325-330/t CFR levels.
Imported scrap prices in Pakistan remain supported – Pakistan’s imported scrap trades have improved gradually, following the uptrend in the global market. Buyers in Pakistan have been forced to accept a further increase with containerized shredded scrap prices as they have faced scrap shortage in the local market caused by lockdown, traders have reportedly accepted the new prices.
SteelMint’s assessment for Shredded 211 scrap in containers from UK/Europe stands at $325/t CFR Qasim, up by $3 against last week.
Bulk scrap offers remain strong in Bangladesh – Bulk imported scrap market in Bangladesh remained active with bookings being reported from Japan, Brazil in the last one week. Us based suppliers have increased prices for customers in Bangladesh, following overall bullish moods in Asia.
Due to Local finished steel prices, mills are scared to purchase scrap cargoes at high levels. Currently, bulk offers for HMS from USA origin are being quoted at $330/t CFR level.
SteelMint’s assessment of containerized shredded 211 scrap from UK/European origins stands at $325/t CFR Chittagong.
Leave a Reply