Global ferrous scrap trading showed mixed sentiments this week as buyers in Turkey made an aggressive comeback for April’22 shipments, following which market sentiments strengthened in South Asian countries, except Pakistan. However, bids for Japanese scrap from South Korean mills edged lower.
- Turkey’s import prices rise: In a recent deal concluded by a Turkish mill, a US-origin bulk cargo was booked by a West Marmara-based mill. The cargo comprising HMS 1&2 (80:20) was booked at $514/t and shredded and PNS at $534/t CFR.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) prices is at $510-515/t CFR Turkey, up $5/t w-o-w.
- Japan’s scrap export trade slows down: Japanese scrap export offers, after witnessing an all-time high last week, fell through this week. Lower bids from South Korean buyers pulled down offers. Suppliers apprehend that offers could fall further on slow overseas demand. Meanwhile, buyers are waiting for a clearer price direction.
SteelMint’s assessment for Japanese H2 scrap export prices stands at JPY 57,000/t ($493/t) FOB, down JPY 1,000/t ($9/t) w-o-w.
- Hyundai Steel lowers bids for Japanese scrap: Hyundai Steel has lowered bids for Japanese scrap recently by JPY 1,500/t ($13/t) compared to the last bid on 17 Feb, sources informed SteelMint. Bids for H2 scrap are now at JPY 57,000/t ($495/t), while bids for HS scrap are at JPY 62,500/t ($543/t) FOB. Increased number of offers from suppliers and lower demand has resulted in lowering of bids.
- Tokyo Steel’s scrap purchase prices unchanged: Tokyo Steel’s scrap purchase prices remained unchanged since the last revision on 15 Feb. The company’s price for H2 scrap stands at JPY 57,000/t ($494/t) delivered to the Tahara and Utsunomiya plants.
- Vietnam’s imported scrap offers continue to rally, buyers retreat: There was a slowdown in Vietnam’s imported scrap market on the back of a sharp hike in offers from prominent suppliers in Japan. Market players are holding back from placing new orders.
Prices for H1 and H2 grade ferrous scrap in Vietnam are assessed at VND 12,800/kg ($556/t) and VND 12,500/kg ($543/t), respectively, an increase of 900 VND/kg ($39/t) compared to 7 Feb.
Amidst higher Japanese scrap offers, mills shifted towards US cargoes. A US-origin bulk cargo containing 40,000 t HMS 80:20 was traded at $570-575/t CFR last week.
- Bangladesh’s scrap imported prices rise on rebar support: Bangladesh’s imported scrap offers in containers and bulk continued to edge higher this week on price support from rebar after mills lifted offers last week.
Around 5,000 t of UK-origin shredded scrap and PNS material were booked at $595/t CFR, HMS at $550/t and bundles at $515/t CFR Bangladesh, respectively.
SteelMint’s daily assessment for UK-origin shredded scrap in containers was recorded at $590/t CFR Chittagong.
- Pakistan’s imported scrap trade remains weak: Pakistan’s imported scrap market remained dull for yet another week on lower bids, distressed cargo sales and holding back of offers from suppliers amid subdued finished steel demand over the past two weeks.
Around 2,000 t of UK/EU-origin shredded scrap in containers was booked at $553/t CFR Qasim recently.
SteelMint’s assessment for UK/EU-origin shredded scrap stood at $555/t CFR Port Qasim, down $5-6/t w-o-w.
- India’s scrap imports pick up: India’s imported scrap market remained active this week with trade activities picking up despite a hike in offers. The price rally in sponge iron and billets lent support to imported scrap enquiries in India.
SteelMint’s daily assessment of UK/EU-origin shredded scrap stood at $550-555/t CFR Nhava Sheva, unchanged w-o-w.
Leave a Reply