- Turkey’s imported scrap prices continue sliding on fresh deals – Turkey’s imported ferrous scrap prices continued to soften in recently booked deep-sea cargoes from various origins. Prices have come down by around $20/t after a short-term hike was observed last month. Turkish buyers were quiet from the last few days which created pressure on suppliers to reduce their offers for further March shipments. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stood at $440/t CFR Turkey, down by $25/t w-o-w.
- Tokyo Steel lowered scrap purchase price twice this week – Japan’s leading EAF mill – Tokyo Steel has cut its scrap purchase price twice this week for all five works by a total of JPY 1,000/t ($9). The company is paying JPY 42,000/t ($385) and JPY 41,500 ($380) for H2 scrap delivered at Tahara and Utsunomiya works respectively. The price cuts were made by Tokyo Steel after a continuous hike was observed during the last one month.
- South Korean mill cuts bid for Japanese scrap by $15 – Hyundai Steel has reduced its bids for Japanese scrap by JPY 1,500/t ($14) for all grades. The bid for H2 is now set at JPY 42,000/t ($385) FoB level, down against its last bid on 4th Mar’21. Till now, no deal has been reported at the presented bid price. Japanese scrap export offers fell for the second successive week due to Kanto Tetsugen scrap export tender which is set as a benchmark for scrap export offer.
SteelMint’s assessment for Japanese H2 scrap export stood at JPY 44,000/t ($403) FoB, down by JPY 1,000/t ($9) w-o-w. Fresh offers for Japanese H2 are being cited at JPY 44,000-44,500/t FoB levels. - Bids in Japan’s monthly Kanto scrap export tender lower than market expectations – Kanto Tetsugen – Japan’s monthly ferrous scrap export tender for Mar’21 was concluded on 10th Mar’21. 15,400 t of Japanese H2 scrap was awarded at an average price of JPY 42,976/t ($395) FAS, as compared to JPY 39,271/t ($375) FAS in Feb’21. This month’s average bid has risen significantly by JPY 3,705/t ($35) m-o-m against last month’s bid.
- Japanese scrap offers to Vietnam fall – Japanese H2 scrap offers to Vietnam have come down after Kanto tender’s outcome. Market participants believe that prices are likely to remain supportive as scrap availability has increased. Currently, bulk H2 offers to Vietnam stands at $455/t CFR Vietnam, down by $25/t against the beginning of the week. Though deals were not reported at these levels. The coming three months are considered the peak season for steel consumption and this is likely to increase the scrap demand.
- India’s imported scrap prices drop by $20-25 w-o-w – Imported scrap offers have plunged sharply this week tracking global trends. However, trades have slowed down as buyers have opted to wait for prices to come down further. Traders are ready to sell their high seas material at even lower levels. Buyers are still preferring domestic substitutes of sponge iron & melting scrap over imported. SteelMint’s assessment for containerised shredded of UK/US origin stood at $445/t CFR Nhava Sheva level, sharply fall by $20-25/t w-o-w.
- Bangladesh bulk scrap offers down by $10-15/t w-o-w – Bangladesh bulk scrap trades have slowed down over the week on global scrap price downtrend. Interestingly bulk offers for Japanese H2 have dropped significantly by $8-10/t, after Japan’s Kanto scrap export tender. Japanese H2 now stands at $472/t CFR Chittagong level.
- Imported scrap prices in Pakistan drop sharply in recent high seas sales – Majority of Pakistan-based steel mills are postponing their scrap purchase due to adequate inventories and hence trade activities have remained on the lower side. SteelMint’s assessment for the UK/EU origin containerised shredded stood at $435/t CFR Qasim levels, sharply down by $30/t w-o-w.
- China’s Shagang Steel untouched scrap purchase price this week – Shagang Steel has kept its scrap purchase price unchanged throughout the week. On 2nd Mar’21, the company had hiked the price by RMB 100/t ($15). Currently, price for HMS (6-10 mm) stands at RMB 3,390/t ($520), inclusive of 13% VAT, delivered to headquarters.
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