- Turkey imported scrap prices plunge to a 1.5 month low
- Japanese export price assessment drop by $48 w-o-w
- Tokyo Steel made five significant price cuts this week
- Turkey’s imported scrap prices fall sharply by $30 w-o-w – Imported scrap prices fell sharply as mills achieved fresh bookings at lower levels. Prices have dropped further by $10/t in a deal concluded yesterday. A US based scrap recycler sold a bulk cargo to Turkish steelmaker. The cargo comprises of HMS 1&2 (80:20) at $405/t CFR basis. Few more deals have been concluded at $400-403/t level. SteelMint’s assessment for USA origin HMS 1&2 (80:20) now stands at $405/t CFR Turkey registering a decrease of around $35/t from mid of last week.
- Tokyo Steel cuts domestic scrap purchase price fifth time in a week – Japan’s leading EAF mill – Tokyo Steel has revised its scrap purchase price throughout this week for all five works. Currently, company is paying JPY 29,000/t ($277) for H2 price for Utsunomiya plant. Prices for Utsunomiya have fallen by up to JPY 7,000/t ($67) this week and have hit over a month low. The company has lowered its purchase price due to the maintenance of its electric arc furnace (EAF)-Utsunomiya works in Kanto region.
- South Korean mills lower bids for Japanese scrap – Hyundai Steel has further reduced its bid price for Japanese scrap by up to JPY 6,000/t w-o-w. The bid for H2 is now set at JPY 35,000/t ($334) FoB level, down by JPY 4,500/t ($43) w-o-w. SteelMint’s price assessment for Japanese H2 scrap export stands at JPY 36,000/t FoB, registering a sharp fall by JPY 5,000/t ($48) w-o-w.
- Prices for Vietnam & Bangladesh continue to fall – Bulk Japanese H2 scrap offers for Vietnam and Bangladesh have dropped significantly by $50-60/t in a week. A Bangladesh-based major steel mill has booked Japanese bulk scrap cargo for Feb’21 shipment. Around 15,000 t of Japanese H2 has been booked at around $425-430/t CFR Chittagong basis. Prices have come down by $45/t w-o-w. However, fresh offers for Japanese bulk H2 cargo have further declined and are being quoted at $415-420/t CFR levels.
SteelMint expects H2 scrap prices in Vietnam to come down to $380-385/t CFR. However, we haven’t heard any fresh deals yet. - India’s imported scrap market remains silent on negative sentiments – Imported scrap market in India continued to remain in limbo. Buyers have adopted a wait– and –watch approach as sentiments continue to be negative in the international market. Buyers are also cautious as the budget announcements are round the corner. SteelMint’s assessment for containerized shredded stands at $425/t CFR Nhava Sheva level, down by $15/t w-o-w.
- Bangladesh bulk scrap bookings resume at lower price levels – Bulk imported scrap prices to Bangladesh from Japan have dropped significantly over the week, as buyers were away from the market in expectation of further price corrections. Around 15,000 t of Japanese H2 has been booked at around $425-430/t CFR Chittagong basis. Prices have come down by $45/t w-o-w.
Containerised imported scrap prices to Bangladesh continued to dip for the second successive week and stands at $440/t CFR Chittagong basis, down by $10-20/t w-o-w. - Pakistan imported scrap trades continue despite weaker steel market sentiments – Imported scrap prices to Pakistan saw a slight fluctuation in the last few days. Deals in small quantities continued to happen. However, buyers are waiting for prices to come down further. Container freight rates are still high and are less likely to come down before March. SteelMint’s assessment for the UK/EU origin now stands at $420/t CFR levels, falling sharply by $50/t against last week.
- Shagang Steel slashes scrap purchase price twice this week – Eastern China’s largest EAF steelmaker- Shagang steel has cut its scrap purchase price for the second time in this week. This week, prices have corrected by up to RMB 60/t ($9). Currently, the scrap price for HMS (6-10 mm) stands at RMB 3,190/t ($496), inclusive of 13% VAT, delivered to headquarters.
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