- Tokyo Steel’s scrap purchase price for Kanto work drops to a one-month low
- South Korean mill lowers bid for Japanese scrap, books Russian cargo
- Turkish mills resume bulk scrap bookings after a pause
- Limited trades reported in South Asian markets
- Turkish steel mills resume deep-sea scrap cargo bookings – Turkish steel mills have resumed deep sea cargo bookings after a gap of one week. A black sea region-based steelmaker has booked bulk cargo, comprising of 20,000t of HMS 1&2 (80:20), 10,000t of bonus and 10,000t of shredded at an average price of $420/t CFR Turkey levels. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stood at $418/t CFR Turkey, down by $12/t w-o-w.
- Tokyo Steel’s scrap purchase price for Kanto work drops to a one-month low –Tokyo Steel has lowered its scrap purchase price twice this week. Prices have dropped to over a one-month low at Utsunomiya work in Kanto region. The company is paying JPY 40,000/t ($364) for H2 scrap delivered at Utsunomiya work and JPY 41,000/t ($374) to Tahara plant in Central Japan.
- South Korean mill lowers bid for Japanese scrap, books Russian cargo – Hyundai Steel – South Korea’s major steel mill lowered its bids for Japanese scrap for the third successive week by JPY 2,000/t ($18) for all grades, against its last bid. On the other hand, the company has booked Russian bulk scrap cargo recently. It comprises of around 33,000 t of Russian A3 scrap and the deal concluded at $425/t CFR basis for May’21 delivery. This may keep Japanese scrap prices under pressure.Scrap export prices dropped further to a one-month low on slow domestic and overseas demand. Disparity in bids and offers kept Japanese scrap buyers away from fresh bookings. SteelMint’s assessment for Japanese H2 scrap export is at JPY 40,750/t ($371) FoB, down by JPY 250/t ($2/t) w-o-w.
- Vietnamese buyers opt to wait for price correction – Despite Japanese scrap export offers remaining on the lower side, Vietnam based buyers opted to wait further for a clear price direction. Due to increased freight rates, buyers were looking for other prospective scrap sources.
- India’s imported scrap market remains silent stable amid market uncertainties – Indian imported scrap market remained quiet this week after few trades were reported last week. Offers mostly remained unchanged w-o-w due to market uncertainties. Increased freight rates, Suez Canal blockage, upcoming Holi festival and financial year-end were the major factors that kept buyers away from the market. SteelMint’s assessment for containerized shredded of UK/US origin stood at $435/t CFR Nhava Sheva level, stable w-o-w.
- Bangladesh imported scrap trades in containers improve on limited bulk scrap offers – Imported scrap trades via containers have gained momentum as availability of bulk offers has been limited. On the other side, Japanese scrap suppliers kept away from quoting bulk offers due to concerns of rising freight rates and availability. Containerized trades have improved significantly on the back of finished steel market sentiments and buyers restocking their inventory ahead of Ramadan. SteelMint’s assessment for containerized shredded of UK origin stood at $455/t Chittagong levels, down by $10/t w-o-w.
- Pakistan imported scrap prices remain range-bound – Scrap market in Pakistan has observed limited trades this week. However, prices moved up marginally in the trades that were concluded recently. Trade sources are hopeful that activities will gain momentum ahead of Ramadan festival which will start in the next two weeks. SteelMint’s assessment for UK/EU origin containerized shredded is at $435/t CFR Qasim levels.
- China’s Shagang Steel keeps scrap purchase price unchanged w-o-w – Shagang Steel has kept its scrap purchase price unchanged from the last three weeks. On 2nd Mar’21, the company had hiked scrap price by RMB 100/t ($15) and HMS (6-10 mm) stood at RMB 3,390/t ($518), inclusive of 13% VAT, delivered to headquarters.
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