- Turkish steel mills resumed deep sea cargo bookings; prices range-bound
- Imported scrap prices to South Asia up by $8-10/t w-o-w
- Chinese mills resumed Japanese scrap bookings after rollout of new standards
- Market awaits Kanto scrap export tender outcome on 13 Jan’21
- Turkey’s deep sea imported scrap prices firm on latest deals – Global scrap market continued optimistic as imported scrap prices have observed a stability in the new year and touching nine years high in Dec’20. Hike in steel demand in the overseas market have kept the Turkish buyers active in continuous bookings of new bulk cargoes. Russia has been silent over the week due to holidays, due to new export duty on scrap market players are unsure about the impact. SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $478/t CFR Turkey, stable as compared to last week.
- India’s imported scrap prices moved up $10-20/t w-o-w – Imported scrap offers to India went up further this week. Due to continuous hike in imported scrap prices, domestic market remained less supportive. Market insiders are expecting that from next week onwards market would see some trading activities as buyers had delayed their buying anticipating a price correction. Current offers for UK/EU origin shredded are at $480-490/t CFR levels. However, no firm buying interest was heard at these levels. SteelMint’s assessment for shredded scrap in containers of UK/EU origin stands at $483/t CFR Nhava Sheva.
- Bangladesh imported scrap prices up, trades remain limited – Major mills are not active in bulk scrap market as no fresh bookings were reported this week. The price direction may get clear after Japan’s monthly Kanto tender result which is scheduled on 13th Jan’21. Due to lockdown in UK and scarcity of scrap, prices have moved up. SteelMint’s assessment for containerized shredded stands at $498/t CFR Chittagong level, up by $10-15/t w-o-w.
- Pakistani buyers booked imported scrap at increased offers – Imported scrap prices in Pakistan have increased by around $20/t in the deals concluded recently. Deals for around 25,000 t of imported Shredded scrap in containers were traded in last three days in the range of $485-500/t CFR Qasim basis, sources have reported to SteelMint. SteelMint’s assessment for imported shredded 211 scrap in containers UK/Europe is slightly up by $12/t as compared to last week’s opening and stands at $487/t CFR Qasim.
- South Korean buyers remain cautious on imported scrap bookings – South Korean giant Hyundai Steel didn’t place bids for Japanese scrap in the last two weeks. Dongkuk Steel has booked 10,000 t of Japanese H2 recently at FoB 43,000/t FoB basis. Japanese scrap export market regains momentum on Chinese resumption. SteelMint’s price assessment for Japanese H2 scrap export stands at JPY 44,500/t FoB, mostly stable on a weekly basis. Bulk Japanese H2 scrap offers for Vietnam and Bangladesh currently stand at $475/t and $500/t CFR basis respectively.
- Tokyo Steel kept scrap purchase price unmoved this week – Japan’s leading EAF mill- Tokyo Steel continued to remain silent this week after 11 price hikes in Dec’20. According to the latest revision the company is paying JPY 43,000/t ($413) for H2-scrap delivered at both Tahara and Utsunomiya works.
- Shagang Steel increases scrap purchase price by RMB 80 – Eastern China’s largest EAF steelmaker- Shagang Steel has announced a price hike on 6th Jan’21 by RMB 80 ($12) for all grades. The purchase price of HMS (6-10 mm) thickness stands at RMB 3,100/t ($478), inclusive of 13% VAT delivered to headquarters at Zhangjiagang North of Shanghai.
- Chinese mills bookings for Japanese scrap – Japanese scrap export market has remained active in recent bookings made by Chinese traders. A Chinese scrap trader has concluded a deal of 3,000 t of Japanese HS grade scrap. The deal was heard to have been concluded at $485/t CFR China basis. However, fresh offers are heard close to $500-505/t CFR levels.
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