Global ferrous scrap trading remained upbeat for yet another week on active trades in Turkey following the uptrend in the domestic and overseas markets amid high offers. Japan’s monthly Kanto scrap export tender for Feb’22 was concluded on 9 Feb, which generated active buying interest for the second successive month. However, with a drop in steel prices in India and Pakistan, bids fell towards the weekend.
- Turkey’s import prices rise by $20/t, w-o-w: Imported scrap prices into Turkey surged after recent deals was concluded from the EU and the USA. Considering the positive market sentiments, mills are ready to accept higher imported scrap offers as there are limited suppliers in the market.
A UK-origin cargo comprising 25,000 t of HMS 1/2 (80:20) and 5,000 t of bonus material was traded at an average price of $506/t CFR Turkey.
SteelMint’s assessment for US-origin HMS 1 & 2 (80:20) stood at $505/t CFR Turkey, up by around $20/t w-o-w.
- Japanese scrap export prices rise after Kanto tender: At Japan’s monthly Kanto scrap export tender for Feb a total of 10,000 t of scrap was awarded and the average price for H2 grade stood at JPY 55,845/t ($483/t) FAS, edging up significantly by JPY 4,862 ($42/t) m-o-m.
SteelMint’s assessment of Japanese scrap export offers stood at JPY 56,000/t FOB ($485/t), up JPY 3,000/t ($26/t) w-o-w.
- Hyundai Steel hikes bids for Japanese scrap: Hyundai Steel raised bids for Japanese scrap by JPY 3,000/t ($26/t) for H2 grade and JPY 1,000/t ($9/t) for HS grade material on 10 Feb compared to the last bid on 27 Jan. Bids for H2 scrap are now at JPY 55,000/t ($476/t), while bids for HS scrap are at JPY 61,000/t ($527/t) FOB. Rise in bids in Kanto tender due to active bids from Vietnam pushed Japanese scrap prices higher.
- Tokyo Steel hikes scrap procurement price by $17/t: Tokyo Steel raised scrap buy prices by $17/t on 9 Feb after a gap of one month. Post revision, the company’s bid price for H2 scrap stands at JPY 55,500/t ($481/t) delivered to Tahara and JPY 55,000/t ($476/t) for the Utsunomiya plant. Surge in bids in the Kanto scrap export tender pushed up domestic offers too.
Prices in JPY
Source: Tokyo Steel - Vietnam’s import market quiet: South East Asian market sentiments rebounded after active buying was seen in the Kanto tender. After remaining quiet last week during the Tet holidays, Vietnam-based mills actively participated in the Japanese monthly tender on an optimistic steel outlook.
SteelMint’s assessment price for bulk Japanese H2 scrap was at $540/t CFR, up $25-30/t w-o-w.
- Bangladesh’s imported scrap trade improves: Bangladesh’s imports regained momentum, especially in the bulk segment, after remaining silent for a week. Two-three deals were heard concluded towards the closing of last week from Australia etc.
SteelMint’s daily assessment for UK-origin shredded scrap in containers was recorded at $575-580/t CFR Chittagong, down $5/t on the week.
- Offers rise in Pakistan’s import market: Imported scrap offers have moved up w-o-w, although rising steel inventories with Pakistani mills and weak end-user demand weighed on bids.
SteelMint’s assessment for UK/EU-origin shredded scrap stood at $560/t CFR Port Qasim, up $5/t w-o-w. However, bids were lower by $3-5/t than the quoted offers.
- Scrap import bids in India under pressure on falling steel prices: The scrap import market in India witnessed a slowdown later this week, owing to a drop in the prices of semi-finished and finished steel items. Further, sponge iron and domestic scrap prices also inched down, which weighed on scrap import bids by the Indian mills.
SteelMint’s daily assessment of UK/EU-origin shredded scrap stood at $558/t CFR Nhava Sheva, an increase of around $5-10/t w-o-w.
.jpg)
Leave a Reply