- Turkey scrap market remains silent w-o-w.
- Shagang Steel’s scrap prices firm this week too.
- Hyundai Steel lowers bids for Japanese scrap.
- South Asian scrap prices up on improved inquiries.
- Turkey’s imported scrap market muted w-o-w: The scrap import market remained slow this week, as the gap between bids and offers widened which kept buyers away from the market. Global scrap suppliers were trying to sell their stocks at $505-510/tonne (t), CFR levels, and market sentiments were positive. Notably, no fresh deal was reported this week. SteelMint’s imported scrap price assessment for US-origin HMS 1&2 (80:20) was at $505/t, CFR Turkey, up by $2/t week-on-week (w-o-w).
- Hyundai Steel lowers bids for Japanese scrap: South Korean steel major Hyundai Steel, on 3 Jun’21, placed bids for Japanese ferrous scrap that were lower by JPY 3,000/t ($27/t) for all grades vis-a-vis the last bid placed on 20 May’21. Bids for H2 are now at JPY 46,000/t ($419/t), FoB, down by JPY 1,000/t against last week’s bids placed by Dongkuk Steel.
Meanwhile, Hyundai Steel also lowered its bids for Russian scrap by $10/t, as per latest reports tracked by SteelMint. Bids for A3 Russian scrap were at $488/t CFR, down against the last deal on 25 May’21. Japanese scrap export prices fell marginally this week tracking a decline in bids from South Korea- and Vietnam-based mills. SteelMint’s assessment for Japanese H2 scrap exports stands at JPY 47,500/tt FoB, a drop of JPY 500/t ($5/t) w-o-w. However, the market awaits the results of the monthly Kanto Tetsugen tender for price clarity which is scheduled on 9 Jun’21. - Chinese buyers turn to U.S. scrap: While bid-offer disparities discouraged Chinese mills from concluding deals for Japanese ferrous scrap, the US offers turned competitive lately. Offers from the U.S. for Chinese mills for the PNS grade were heard at $470/t, CFR, SteelMint learned from sources. Currently, Japanese HRS 101 grade offers stand at $550/t, CFR, and buyers were bidding at around $520/t, CFR, up by $10/t w-o-w. On the other hand, Shagang Steel remained silent at the start of June’21. As per the latest revision in May’21, the prices for HMS 6-10 mm stand at RMB 3,590/t ($561/t), inclusive of 13% VAT, delivered to headquarters. Notably, scrap prices are seen edging close to one-month low, as per SteelMint records.
- Vietnam scrap offers fall on dull trade: Vietnam’s imported scrap prices declined significantly w-o-w. However, trade remained absent on expectations of further drop in offers. SteelMint’s assessment for Japanese H2 bulk scrap stands at $490-495/t CFR, down by $10/t against the closing of last week.
- Bangladesh scrap market quiet on higher inventory: Bangladesh’s scrap imports market remained quiet this week, with hardly any deals concluded. Due to old scrap inventory lying with mills and less demand for finished steel, imported scrap buyers kept themselves away from the market. No firm offers for Japanese bulk scrap were reported this week, due to the disparity in offers and bids. Market players were using their existing stocks amidst the prevailing uncertain market scenario.
- Pakistan ferrous scrap import prices up $15/t: Pakistan’s ferrous scrap import prices increased compared to the beginning of this week on improved trade. Offers moved north for UK-origin shredded scrap to $515-520/t, CFR levels, as buyers were not in a position to procure large . SteelMint’s bi-weekly assessment for shredded scrap stood at $513/t, CFR Port Qasim, up by $15/t against the last assessment on 1 Jun’21 and $10/t against last week.
- India’s scrap prices up on improved inquiries: Imported scrap trade in India slightly improved after limited deals in the past few weeks. Imported scrap offers to India moved up significantly by around $20/t against the prices reported by SteelMint on 1 Jun’21. With the government allowing the supply of oxygen to certain industries on a “temporary basis”, inquiries for scrap purchases picked up. SteelMint’s assessment for UK/Europe-origin containerised shredded scrap stood at $515-520/tCFR Nhava Sheva, increasing considerably by $10-20/t w-o-w.
- Tokyo Steel scrap purchase prices untouched: Japan’s leading EAF mill, Tokyo Steel, kept its scrap purchase prices unchanged for another week. The company continuedto pay around JPY 51,500/t ($470/t) for the Tahara plant and JPY 48,000/t ($438/t) for its Utsunomiya works.
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