- Turkey’s imported scrap prices cross $500/t
- Tokyo Steel announces its third price hike for scrap buying
- Shagang Steel raises scrap prices by a total of RMB 470/t ($73) this week
- India scrap offers hit a new high, trades subdued
- Turkey’s imported scrap prices cross $500/t: Turkish deep-sea imported scrap prices rose abruptly to cross the $500/tonne (t) CFR mark. A total of five deals were recorded by SteelMint throughout the week. However, towards the second half of the week, trades slowed down amid Eid holidays. Buyers actively booked cargoes from regions other than the US. SteelMint’s assessment of US-origin HMS 1&2 (80:20) stands at $505/t CFR Turkey, rising $25/t week-on-week (w-o-w).
- Tokyo Steel lifts scrap purchase prices by up to JPY 6,000/t: The company revised domestic scrap prices thrice this week. As per the latest announcement, currently, the company is paying for H2 scrap at JPY 50,000/t ($457/t) for Tahara and JPY 47,000/t ($430/t) for its Utsunomiya works.
- Shagang Steel hikes domestic scrap prices twice: Shagang Steel lifted its scrap procurement prices by a total RMB 470/t ($73/t) this week for all grades. Currently, the price for HMS (6-10 mm) stood at RMB 4,190/t ($651/t), inclusive of 13% VAT, delivered to headquarters. Increase in billet prices and imported scrap offers, resulted in the price hike.
- Japanese scrap export offer rises to China on limited offers: Japanese scrap offers for HRS 101 grade climbed further by around $40/t to $580/t CFR China basis, SteelMint learnt from sources. However, last offers were heard around $535/t CFR China towards the first week of May. Limited offers on tighter availability pushed up prices.
- Hyundai Steel raises bids for Japanese scrap by $64/t: South Korean giant Hyundai Steel increased its bid price for Japanese scrap by up to JPY 7,000/t ($64/t). Currently, the bid for H2 is at JPY 50,000/t ($457/t) FoB level, up by JPY 7,000/t ($64/t) against the last bid in mid-Apr’21. Following the hike in the Kanto tender bids, Korean steelmakers raised their bids too.
Bullish sentiments in the global scrap market have pushed up Japan scrap export offers. SteelMint’s assessment for Japanese H2 scrap exports are at JPY 48,000/t FoB, up by JPY 2,500 ($23/t) w-o-w. - Bulk Japanese scrap offers for Vietnam rise w-o-w: Bulk Japanese scrap (H2) offers for Vietnam have risen by around $40/t as compared to prices at the beginning of this week. Currently, the H2 offers are heard at $520-525/t CFR Vietnam. A few sources also indicated that a bulk US HMS (80:20) cargo booking was done at $545/t CFR Vietnam.
- India imported scrap offers set new record: Imported scrap prices to India continued to rise pursuing the hike in Turkish scrap prices. Indian scrap offers are at an all-time high since 2017. The Covid-19 outbreak in India has largely affected business and buyers are preferring domestic alternatives. SteelMint’s assessment for containerized shredded scrap of UK/Europe-origin stands at $520-525/t CFR Nhava Sheva, rising by around $40/t w-o-w.
- Pakistan imported scrap prices up $20/t: – The imported scrap market in Pakistan slowed down since last week as trade activities remained low due to the occasion of Eid but offers went up further by $20/t w-o-w. Limited quantity deals of containerized shredded scrap were concluded at $510/t CFR PQ but sources said the market is awaiting clarity on trends after the Eid holidays.
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