Global Ferrous Scrap Market Overview-Week 39

This week Turkey witnessed a sudden fall in prices with few trade deals confirmed at lowered prices by USD 15/MT against offers levels in last week. India and Bangladesh remained away of fresh bulk vessel bookings while leading steel mill in Pakistan continues buying’s in containers. Japan’s leading steel mill Tokyo Steel hiked the scrap purchase prices further up to USD 15/MT.While South Korea’s Hyundai steel kept buying prices unchanged in fresh submitted bids.

Turkey’s imported scrap offers fall USD 15/MT W-o-W –This week Turkish market has witnessed sudden fall in imported scrap offers by around USD 15/MT on W-o-W basis. Assessment for US origin HMS now stood at USD 330-335/MT, CNF Turkey. In last deal concluded on 22 Sept, Marmara based steel producer mill booked a Canadian cargo for October shipping containing 10,000 MT HMS (90:10) 35,000 MT Shredded and 5000 MT bonus scrap at the overall average price of USD 330/MT respectively. Oversupply situation in Turkey has resulted in the fall in offers.

South Korea’s Hyundai Steel keep bids unchanged – South Korea’s leading steel producer Hyundai Steel kept scrap purchase prices stable at Yen 32,500/MT since 1st Sept’17. The bids for H2 scrap remained at Yen 32,500/MT while HS accessed at Yen 35,500/MT and Shindachi at Yen 36,500/MT, FoB Japan respectively.

Japan’s Tokyo Steel raised prices for west Japan works twice in this week – Japan’s leading steel producer Tokyo Steel Manufacturing has lifted its buying prices for all grades of ferrous scrap twice in a single week. The price revision was done on 20th Sept and 23th Sept has noted increment of Yen 1000/MT (USD 9) and Yen 500/MT respectively.Japanese special class H2 scrap continues to fetch Yen 33,000/MT at both Tahara and Utsunomiya works.

Indian buyers continue to prefer domestic scrap over imported – Imported scrap offers in India declined by USD 10-15/MT on W-o-W basis. Price assessment was done for Dubai origin HMS 1&2 is at USD 305/MT, CFR Nhava Sheva and that for Shredded scrap is around USD 335/MT, CFR Nhava Sheva.Offers from other sources less heard this week owing to the non-workable range of offers and longer transit time. Domestic HMS (80:20) prices now assessed at INR 20,900/MT (ex-Mumbai) and INR 19,500-20,000/MT (ex-Chennai), basic prices and GST@18% extra.However thin quantities up to 500-1000 MT of imported scrap remained traded in containers trough few deals carried out.

Pakistan continues to trade in small-scale containers – Imported scrap offers in Pakistan showed downward movement for HMS on W-o-W basis. Price assessment for HMS 1&2 from Dubai stood around USD 335/MT, CFR port Qasim while Offers for containerized Shredded scrap for both USA and UK origins assessed at USD 345/MT, CFR Port Qasim. A Pakistan based steel mill is heard to have booked 5,000 MT Shredded scrap in containers from both USA as well as UK at USD 345/MT, CFR this week. The market seemed softening reflecting other markets.

Bookings in Bangladesh slower down this week – Imported ferrous scrap market in Bangladesh witnessed fewer inquiries this week after rigorous bookings in earlier two weeks. Offers assessed for Brazil origin in containers for HMS 1&2 at USD 335/MT, for Shredded at USD 360/MT and P&S at USD 360-362/MT, CFR Chittagong respectively.

Global ferrous scrap reference prices – Week 39

Source: SteelMint Research