- Turkey’s imported scrap prices inch up in recent deal.
- Tokyo Steel announces price hike for scrap buying by JPY 1,500/t.
- Shagang Steel slashes scrap procurement prices four times, this week.
- Hyundai Steel lowers bid for Japanese scrap.
- Turkey’s imported scrap offers inch up post-Eid – Turkey’s imported scrap trade resumed after a week -long Eid holidays. In a recent deal, an U.S.-origin cargo was heard to have been booked by a Mediterranean region-based steel mill. The cargo comprised HMS 1&2 (80:20) at $510/tonne, CFR Turkey. Apart from that, nearly six deep-sea bulk scrap cargo bookings were concluded this week, as per SteelMint reports. SteelMint’s price assessment of the U.S.-origin HMS 1&2 (80:20) stands at $507/t CFR Turkey, marginally up by $2/t week-on-week (w-o-w) .
- Tokyo Steel hikes scrap purchase prices by up to JPY 1,500/t: Japan’s leading EAF, Tokyo Steel, lifted its domestic scrap purchase prices by up to JPY 1,500/t ($14/t) for all five works this week. The company is paying a bid price of JPY 51,500/t ($473/t) for Tahara and JPY 48,000/t ($441/t) for Utsunomiya works for H2 scrap. Strong global scrap prices and increased bids for Japanese scrap lifted domestic scrap prices.
- Hyundai Steel lowers bid for Japanese scrap by JPY 1,000/t: South Korean major Hyundai Steel lowered its bids for Japanese scrap by JPY 1,000/t ($9/t). Bids for H2 scrap decreased to JPY 49,000/t ($449/t) FoB against the last bid presented on 18 May’21.
Japanese scrap suppliers continued to raise offers this week for key destinations like Vietnam, Bangladesh, South Korea etc. However, bids dropped tracking the decline in Chinese steel futures. SteelMint’s assessment for Japanese H2 scrap exports stands at JPY 51,000/t FoB, up JPY 3,000/t ($27/t) w-o-w. - Chinese mills lower bids for Japanese scrap: Imported scrap prices to China for the most preferred Japanese HRS 101 grade (Chinese version for HS grade) declined by $15/t w-o-w as prices entered a bearish phase while bids for HRS 101 were cited at $520/t, CFR China, but no deals were heard by SteelMint. Subdued buying interest contributed to lowered bids for imported scrap, which are expected to fall further in the near term.
- Kansai monthly scrap export tender bids rise by over $55/t: Japan’s Kansai-Cheorwon scrap export tender for May’21 was concluded this week. The winning bid was awarded a total of 8,000 t of Japanese H2 at an average price of JPY 49,148/t ($450/t) FAS, up by JPY 6,188/t ($57) as compared to the previous Kansai tender. The tender price increased by JPY 315/t ($3) w-o-w.
- Vietnam bulk scrap offers rise: Imported scrap prices to Vietnam rose w-o-w. Limited trading was reported for bulk at higher prices. Currently, the H2 offers are heard at $520-530/t CFR Vietnam.
- Bulk ferrous scrap offers shoot up by up to $50/t: Bulk ferrous scrap offers for Bangladesh moved up by $35/t, w-o-w. However, buyers have adopted a wait-and-watch approach and bookings are likely to resume for restocking after a week. Japanese bulk H2 grade scrap offers too soared by over $50/t w-o-w to $555-560/t CFR Chittagong. However, no fresh trades were reported at these levels.
On the other hand, despite high offers, Bangladesh’s containerised scrap market remained active in booking fresh slots for the monsoon season. Trade in containers picked up as the market resumed this week post-Eid holidays. SteelMint’s assessment for shredded UK/Europe origin stands at $540-545/t CFR, up by $30/t w-o-w. - Pakistan imported scrap prices remain steady: Pakistan scrap import prices remained firm against the beginning of this week, while trade activities picked up as mills made active bookings post the holidays. SteelMint’s bi-weekly price assessment for containerised shredded scrap is assessed at $525-530/t, CFR Port Qasim.
- India’s imported scrap offers edge up on limited trade: The Indian imported scrap trade remained subdued on high offers and a sluggish finished steel market. The steel industry has been impacted by the current spate of lockdowns. Domestic scrap prices are likely to be under pressure on weak fundamentals. SteelMint’s assessment for containerised shredded scrap of UK/Europe-origin stands at $525-530/t CFR Nhava Sheva, up by around $5/t w-o-w.
- Shagang Steel slashes scrap purchase price four times in a week: Shagang Steel has reduced its scrap procurement prices by a total of RMB 330/t ($51/t) this week for all grades. Currently, price for HMS (6-10 mm) stands at RMB 3,860/t ($600), inclusive of 13% VAT, delivered to headquarters. Lower bids for raw materials due to weakening steel prices and falling local billet prices resulted in a continuous drop in scrap prices.
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