Bulk imported scrap bookings to the South East Asia and the Far East region have picked up in activity this week, with several cargoes from the USA getting concluded in the recent days, to mills in the region.
* Thailand’s prominent steelmaker booked a 30,000t bulk cargo with Shredded scrap at $287/t CFR Thailand from a US west coast (WC) recycler. The shipment for the same is expected in July 20.
* In addition to it, two Vietnamese mills have booked a cargo each from a US WC supplier consisting of Shredded scrap at $285/t and $287/t respectively.
* Yesterday, SteelMint reported South Korea’s Dongkuk steel concluding a bulk cargo of HMS scrap from a US WC recycler, at $279/t CFR South Korea. The shipment for the 32,000 t cargo is expected in late July or early Aug’20.
SE Asian and Far East based buyers have been increasing their preference for US and other alternate origin cargoes amid a swift rally in Japanese scrap export market on tight availability. South Korean mills have been trying to resist the surge in Japanese offers by bidding significantly lower and exploring other origins, with Russian A3 grade scrap offers presently standing at around $285/t CFR, against $275/t in the previous week, while USA origin HMS offers stand in the range of $275-282/t depending on grade and delivery terms.
Meanwhile Japanese offers for low grade H2 scrap is already above JPY 27500 FoB Japan, which will be around $279-280/t CFR Korea basis.
Bangladesh mill books Japanese busheling scrap
On the other hand, Bangladesh has recently booked a Japanese cargo with around 10,000t of busheling scrap at around $303/t CFR Chittagong, a good price from buyer’s perspective amid the prevailing market levels.
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