- Turkey’s scrap prices drop w-o-w
- Shagang Steel announces scrap purchase price hike by $13/t
- Hyundai Steel raises bids for Japanese scrap
- South Asia’s imported scrap prices rise on supported steel sentiments
- Turkey’s imported scrap market dull w-o-w: Turkey’s imported scrap market slowed down and prices dropped this week. Only two deals were reported throughout the week. The market players were quiet, looking for a potential price change. They opted to wait and watch, expecting offers to come down. SteelMint’s imported scrap price assessment for US-origin HMS 1&2 (80:20) stood at $500/tonne (t), CFR Turkey, down by $7/t against last week.
- Shagang hikes scrap purchase price: China’s largest electric-arc furnace (EAF) steelmaker, Jiangsu Shagang Group, announced a hike in its scrap purchase prices this week by RMB 80/t ($13/t) across grades. After the revision, prices for HMS (6-10 mm) were at RMB 3,770/t ($584/t), inclusive of 13% VAT, delivered to headquarters. Tight material availability and rising prices of finished steel lifted scrap purchase prices.
- Japan’s scrap export offers to China up: Japan’s ferrous scrap export offers to China moved up by $10/t for the HRS 101 grade to $570/t CFR China. Offers were last tracked at around $560/t, CFR China, last week. However, bids remained unchanged at $540/t, CFR w-o-w.
- South Korean mills raise bids for Japanese scrap: South Korea’s steel giant, Hyundai Steel, raised bid prices for the higher grades of Japanese scrap by JPY 4,000/t ($36/t) earlier this week. The bids for shredded and shindachibara were at JPY 55,000/t and JPY 57,000/t FoB levels respectively. No fresh deal was heard to have been concluded at these prices. The company did not bid for H2 grade scrap.
Meanwhile, another major steelmaker, POSCO Steel, also bid for Japanese shredded scrap at JPY 59,000/t CFR. SteelMint’s assessment for Japanese H2 scrap exports stood at JPY 48,500/t FoB, unchanged w-o-w. - Tokyo Steel’s scrap purchase prices untouched: Japan’s leading EAF mill, Tokyo Steel, kept its scrap purchase prices unchanged for the third straight week. The company was paying around JPY 51,500/t ($467/t) for the Tahara plant and JPY 48,000/t ($436/t) for its Utsunomiya works.
- Vietnam scrap offers stable in dull trade: Vietnam imported scrap offers remained largely stable over last week. However, no fresh deal was reported this week owing to less finished steel demand in the domestic market. SteelMint’s assessment for bulk Japanese H2 stood at $495/t CFR Vietnam levels, marginally up by $3/t w-o-w.
- Bangladesh scrap prices up on active restocking: Bulk scrap trade in Bangladesh remained mostly absent due to disparity in bids and offers. Japanese suppliers were seen less interested in quoting fresh offers as they were engaging in deals with players from other potential countries.
Imported scrap trade in containers picked up amidst lack of bulk offers. However, major mills continued their production with the previous inventories. Imported scrap prices into Bangladesh increased sharply in the last one week. Buyers and traders were seen proactive in restocking ahead of the monsoon . Seasonal buying activities were observed despite imported scrap offers increasing, primarily from the UK on supply constraints. SteelMint’s assessment for shredded from the UK stood at $550-560/t CFR levels, up by over $20/t w-o-w. - Pakistan’s imported scrap prices up: Imported scrap trade into Pakistan continued to remain active. The shortage in domestic scrap, and hike in ship-breaking scrap prices provided support to imported scrap offers. The local scrap price assessment of SteelMint increased further by PKR 1,000/t ($6/t) w-o-w in recent deals. A deal for UK-origin containerised shredded scrap of 3,000-4,000 t was concluded at the beginning of this week at $540/t, CFR Port Qasim. Apart from this, deals of 3,000 t of containerised shredded of UK/EU-origin were confirmed at $535-540/t, CFR Port Qasim. Trade slowed down post the budget. SteelMint’s bi-weekly assessment for shredded scrap stood at $540/t, CFR Port Qasim, up by 15/t w-o-w.
- India’s imported scrap market subdued: India’s imported scrap market remained mostly quiet for yet another week. Imported scrap offers into India stayed steady after witnessing a hike of $15/t earlier this week. On the other hand, the finished steel market remained sluggish due to heavy rains, slower construction, and infrastructure activities. Higher raw material costs and falling finished steel prices squeezed the margins of Indian secondary players. SteelMint’s bi-weekly assessment for shredded scrap stood at $535-540/t, CFR Nhava Sheva, up by 10-15/t w-o-w.
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