India:
Constancy continues among scrap import offers to India with offers prevailing
at $425/t, CFR Mumbai on lower
buying interests.
Market
participants confirm that offers from European countries for shredded scrap
(ISRI 210-211) are in the range of $425/t CFR Mumbai, where as HMS 80:20 are in
the range of $405/t CFR Mumbai. US HMS1 offers to India if compared, are in the
range of $410-420/t CFR Mumbai.
China: Chinese
mills have started dropping their scrap purchasing prices after procuring
sufficient scrap for February production.
As
per sources, one of the Chinese mill was reported purchasing Heavy melting scrap
of 6mm and above at $462/MT (including VAT) down
by about $11/MT as of previous purchase prices.
Japan and Korean region: Japanese mills are observed in quoting
their scrap to Korean buyers at higher prices of about $377/MT FOB for H2 grade
material. But some Korean mini-mills are bound to accept high Japanese scrap
offers as they haven’t accumulated ample scrap stocks for the winters.
Meanwhile, sources told
that several Korean mini-mills are in a row to slash down their domestic scrap
buying prices during the week. Hyundai Steel has announced to cut its purchase prices
by $14/MT for all grades effective from January 21 and Posco is expected to cut
its prices by $9/MT on the same day.
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