Japanese scrap export market saw stability this week as South Korean mills remained less active in placing bids. SteelMint’s assessment for Japanese H2 scrap exports stood at JPY 48,000/tonne (t) FoB, unchanged w-o-w.
Scrap prices in Vietnam up: Bulk H2 scrap prices in Vietnam saw an uptick by $5-10/t to $495-505/t CFR Vietnam. Dull finished steel market sentiments amid Covid concerns and discrepancies in bids and offers remained major factors behind the limited trade. A deal for 5,000 t of bulk H2 was also heard at $505/t CFR Vietnam.
Domestic scrap prices into Vietnam moved up further by VND 500/kg ($22/t) on 16 Jul’21 as compared to SteelMint’s last assessment published on 29 Jun’21. The new purchase price for H1 grade is at VND 11,200/kg ($490/t) and for H2 is at VND 10,900/kg ($470/t). Limited scrap collection amid rising in covid cases has lifted domestic prices.
Trade absent on lower bids from China: The bid and offer discrepancy for HRS101 kept buyers away from the market. Bids are hovering at around $530-540/t CFR levels. However, offers are on the same levels as last week at $570-600/t CFR. Chinese buyers are showing more interest in semi-finished steel instead of scrap, SteelMint learnt from market sources.
Bangladesh bulk scrap market silent: Bulk scrap offers in Bangladesh are nil and the market continues to be silent for two consecutive weeks with no bulk cargo bookings happening. At present, demand is quiet and trading activities are likely to resume in another 10-14 days.
Tokyo Steel keeps scrap buying price untouched: Japan’s leading EAF steel mill, Tokyo Steel, has kept its scrap purchase prices unchanged this week. The company decreased prices by JPY 500/t ($5/t) for two works, Tahara and Kushu on 10 Jul’21. Currently, the company is paying a bid price for H2 scrap at JPY 51,000/t ($463/t) for the Tahara and JPY 49,000/t ($445/t) for Utsunomiya works.
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