Turkey imported scrap prices edge down towards weekend: The market players were active at the start of the week but owing to subdued demand for finished steel, major players believed that price hike was temporary as the market slowed down towards the weekend. SteelMint’s assessment for US-origin HMS 1&2 (80:20) remained unchanged at $440/t CFR Turkey, down by $5/t w-o-w.
Turkish mills booked two bulk cargoes yesterday. A EU-origin cargo was booked by two West Marmara-based steel mills comprising HMS 1&2 (80:20) at an average price of $436/t CFR and $440/t CFR.
Bids in Japan’s Kanto scrap export tender falls m-o-m: Japan’s monthly Kanto Tetsugen ferrous scrap export tender for Sept’21 was concluded on 9 Sept’21. A total of 20,000 t of Japanese H2 scrap was awarded at an average price of JPY 46,260/t ($421) FAS, SteelMint learnt from sources. The average bid fell by JPY 386 ($4), m-o-m. However, bids were higher than usual market prices which indicate that chances of a price correction are less in the Japanese scrap export market in the short term.
Tokyo Steel cuts scrap prices down by up to $5/t: Japan’s leading EAF steel mill, Tokyo Steel, slashed scrap purchase prices for the second time in Sept’21 this week. The company has decreased prices by JPY 500/t ($5) for the Utsunomiya steelworks. However, prices for the company’s four other steelworks remain stable. After the recent revision, the company would pay a bid price for H2 scrap at JPY 47,000/t ($426) for the Utsunomiya plant.
Source: Tokyo Steel
Prices in JPY
Hyundai Steel drops scrap purchase price for three steelworks:S South Korean steel major Hyundai Steel has declared a reduction in scrap purchase price for its Pohang, Incheon and Dangjin steelworks. The steelmaker dropped the scrap purchase price for its Pohang unit by KRW 10,000-15,000 won/t ($8-13), with effect from 10 Sept’21. For its Incheon and Dangjin steelworks, prices have been reduced by KRW 10,000/t ($8.56), SteelMint learnt from Korean Steel Daily.
Vietnam’s imported scrap market stays gloomy: Vietnamese market still faces hindrances because of the stringent lockdown norms and discrepancies in bids and offers. In contrast, limited offers were reported due to lesser activities observed in the South East Asian markets.
Vietnam domestic ferrous scrap procurement prices for H1 grade scrap stand at VND 12,000/kg ($522/t), while VND 11,700/kg ($509/t) is the price that has been settled for H2 scrap.
Bangladesh imported market less active in booking containerised scrap: Bangladesh’s scrap import market remains less active this week. Meanwhile, a few buyers moved to local scrap to fulfill their requirements as imported scrap offers are still at higher levels.
Bangladesh’s bulk scrap buyers raised enquiries for bulk cargoes after remaining quiet for the last one month, market insiders informed. SteelMint’s price assessments for UK/EU-origin shredded are quoted at $540-545/t CFR levels, up by around ($5-10) w-o-w.
Two bulk scrap bookings from the US were heard to be concluded recently. However, the details remained unconfirmed till the time of publishing this report. Indicative offers for US-origin shredded material in bulk are being cited at $530/t CFR Chittagong levels.
Pakistan’s imported scrap market active on positive market sentiments: Pakistan’s traders were active in the market owing to lesser inventories of ferrous scrap which led to an upsurge in demand during the peak construction time of the year. Meanwhile, the secondary steel market extended support to scrap prices. SteelMint’s bi-weekly assessment for shredded scrap of UK/EU-origin stands at $530/t CFR Port Qasim, unchanged compared to the beginning of this week.
India’s scrap import market dull as mills favor domestic substitutes: India’s scrap import market remained dull throughout the week as weak demand was seen from end-users with first choice tilting toward domestic substitutes. Also, the ongoing Ganesh Chaturthi festival has kept trade quiet. On the other hand, container shortage globally is keeping Indian importers doubtful about material supplies. Although, demand for scrap in India exists, there is discrepancy in bids and offers that kept trading subdued. Buyers continued to go for domestic substitutes.
SteelMint’s bi-weekly assessment for UK/EU-origin shredded scrap stands at$525/t CFR Nhava Sheva, stable w-o-w.
Leave a Reply