- Turkey’s imported scrap prices fall sharply by $30 w-o-w – Imported scrap trades to Turkey witnessed a pause with very limited deals being reported since closing of last week. Buyers and suppliers are holding back as market awaits more clarity. Market insiders have postponed their fresh bookings for Mar’21 shipments. In recent trade, a UK based scrap recycler has sold a bulk cargo to Mediterranean region-based steel mill. The booked cargo comprises of 18,000 t of HMS 1&2 (80:20) at $387/t CFR basis. SteelMint’s assessment for HMS (80:20) now stands at $393/t CFR Turkey, down by $15/t w-o-w.
- Japan’s Tokyo Steel reduces scrap purchase price by up to JPY 1,000 – Japan’s leading EAF mill – Tokyo Steel had made a slight price correction for four of its plants (except Utsunomiya) effected from 3rd Feb’21. The company is paying a price of JPY 38,000/t ($360) and JPY 37,500/t ($355) for H2 scrap price delivered at Tahara and Okayama works respectively.
- South Korean mill books two bulk scrap cargoes – South Korean steel manufacturer- Hyundai Steel has booked two bulk scrap cargoes this week. Interestingly, the company did not make any bid for Japanese scrap this week. Japanese scrap export offers have moved up considerably this week due to increasing domestic demand in Japan. Mostly suppliers are waiting for Japan’s monthly Kanto scrap export tender’s outcome scheduled on 10th Feb’21.
SteelMint’s price assessment for Japanese H2 scrap export stands at JPY 37,500/t FoB (356), registering a hike of JPY 1,500/t ($14) w-o-w. - India imported scrap prices drop further by $20 w-o-w – Imported scrap market in India have observed limited trades since almost one and a half months. This week the market remained sluggish due to bearish sentiments in secondary steel segment. However, in a major boost to the industry, the government has removed 2.5% import duty on ferrous scrap in the Union Budget FY’21-22. Market is very dull and currently sentiments are negative. SteelMint’s assessment for containerised shredded stands at $403/t CFR Nhava Sheva level, registering a further drop of $20/t w-o-w.
- Bangladesh imported scrap slide further – Bangladesh bulk scrap prices were slightly down further this week. However, no bulk deal was reported this week. Additionally, disparity between bid and offer kept buyers away from the market. Containerised imported scrap trades to Bangladesh remain sluggish despite low offers, as all are in a wait and watch mode. SteelMint’s assessment for containerized shredded stands at $418/t CFR Chittagong, down by $25/t w-o-w.
- Pakistan imported scrap prices continue heading south – Limited trades were reported at lower levels as most of the buyers continue waiting for the prices to come down further. Interestingly, prices have come down significantly by around $80/t in last three weeks. Real buying and trade activity is very sparse. SteelMint’s assessment for the UK/EU origin now stands at $403/t CFR levels, dropping significantly by around $20/t w-o-w.
- Shagang Steel retains scrap purchase price this week – Eastern China’s largest EAF steelmaker- Shagang steel has kept its scrap purchase price unchanged for this week. Prices for HMS (6-10 mm) stood at RMB 3,190/t ($493), inclusive of 13% VAT, delivered to headquarters.
- Bulk scrap trades sluggish in Vietnam ahead of holidays – Bulk imported scrap trades to Vietnam have slowed down this week, despite a fall in imported scrap prices from Japan. This is largely due to the Tet holidays scheduled in the coming week. Fresh offers for Japanese H2 to Vietnam are being quoted at $385-390/t CFR basis, up by $5/t at the beginning of this week.
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