- Turkey’s imported scrap prices up in recent bookings, domestic prices follow suit
- Pakistan based mills remain aggressive in booking scrap at increased offers
- Japanese scrap export offers inch up on global price support
- Turkey’s imported scrap prices up by $15 w-o-w – Turkey’s imported scrap prices have increased by $15/t w-o-w in the latest deal. Most of the buyers have completed their bookings for the April shipments, while offers have rose for May shipments cargoes. Sharp fluctuation in Lira affects domestic market and increases prices. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stood at $430/t CFR Turkey.
- Tokyo Steel domestic scrap purchase bids remain untouched – Tokyo Steel has kept its scrap purchase price unchanged this week. The company is now paying JPY 40,000/t ($361) for H2 scrap delivered at Utsunomiya and JPY 41,000/t ($370) for Tahara plant in Central Japan. Tokyo Steel’s prices have bottomed out and unmoved against previous week.
- South Korean buyers remain less active in bidding for Japanese scrap – Imported scrap trades remain slow. Interestingly, a prominent steelmaker- Hyundai Steel hasn’t presented bids for Japanese scrap purchase price this week. Another major steel mill – Daehan Steel has booked a Japanese bulk H2 scrap cargo this week. The deal was concluded at JPY 44,000/t CFR basis.
Fresh offers of bulk H2 are being quoted at $445/t CFR levels, however, limited trades were reported in Vietnam. SteelMint’s assessment for Japanese H2 scrap export stood at JPY 41,000/t ($370) FoB, slightly up by JPY 250/t ($2) w-o-w. - India’s imported scrap prices rise further, UAE origin trades remain priority –Indian imported scrap prices have moved up on weekly basis following the global price uptrend. Scrap market has observed few trade activities post Holi holidays. Buyers have preferred UAE origin scrap as compared to other origins. SteelMint’s assessment for containerized shredded of UK/US origin being at $453/t CFR Nhava Sheva level, up by $20/t w-o-w. Trades for UAE origin HMS 1 and HMS were reported at $430/t & $425/t CFR Nhava Sheva respectively.
- Bangladesh imported scrap trades slow down, prices up – Japanese bulk scrap offers have started surfacing in Bangladesh market after two weeks due to vessel availability. Sources have highlighted that 18,000 t of bulk Japanese H2 scrap cargo has been booked recently and deal was concluded in the range of $460-470/t CFR Chittagong basis but not confirmed.
Containerized scrap trades preferred over bulk and trades have slowed down. Some participants actively booked fresh slots to replenish their inventory before Ramadan Holidays. SteelMint’s assessment for containerized shredded of UK origin stood at $470/t Chittagong levels, up by $15/t w-o-w. - Pakistan imported scrap trades pickup aggressively – Imported scrap trades in Pakistan have picked up aggressively in the last two days. Deals of 15,000-20,000 t of UK origin containerized shredded scrap have been confirmed by SteelMint at $450-455/t CFR Port Qasim recently. Prices have moved up by $10-15/t against the beginning of the week. Whereas, material is not available at this price now from overseas. Buyers need material but suppliers don’t have stock to offer at this price level.
- China’s Shagang Steel scrap purchase price remain unchanged – Shagang Steel has kept its scrap purchase price constant from the beginning of Mar’21. On 2nd Mar’21, the company had hiked scrap price by RMB 100/t ($15) and HMS (6-10 mm) being at RMB 3,390/t ($518), inclusive of 13% VAT, delivered to headquarters.
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