Imported Scrap Trade Prices Correct in SE Asia

SteelMint learned from market participants that imported scrap price in SE Asia corrects after bulk bookings made by South Korean steel mills. One of the leading scrap importer Vietnam has observed considerable volumes booked in recent deals. However, after recent bulk bookings done in Turkey, supplying yards in the US and Europe turn non-aggressive in selling and lowering the offers anymore.

Vietnam Steel mills book bulk cargoes – According to sources, a leading steel mill in Southern Vietnam booked a Japanese bulk scrap cargo comprising 17,000 MT H2 at USD 297/MT, CFR Phu My Port closing last week and in the mid this week.

In recent deals, Northern region based steel mill booked a Hong Kong origin HMS 1&2 (50:50) cargo at USD 301/MT, CFR Hai Phong Port. Offers corrected by USD 4-5/MT on a W-o-W basis to USD 296-300/MT, CFR.

P&S scrap from USA supplier is being offered in 40 Ft containers at around USD 315/MT, CFR Hai Phong port.

According to SteelMint’s price assessment, HMS 1&2 (80:20) scrap stands in the range USD 310-315/MT, CFR Vietnam from USA and Europe origin, inched down against the last report.

Japanese scrap export prices weaken – Japanese scrap prices have come under pressure on weak demand in the local market and fell by JPY 500/MT against the last week to JPY 29,000/MT (USD 266), FoB Japan. According to reports, South Korean Hyundai Steel booked Japanese bulk H2 at JPY 29,000/MT, FoB earlier this week and now interest stands at around JPY 28,500/MT, FoB.

Indonesia observes limited trades – US origin containerized Shredded scrap is being traded in the range of USD 300-305/MT, CFR. While HMS 1&2 from various origin including Europe assessed at around USD 280/MT, CFR Indonesia. Indonesia observed no active buying ahead of approaching Lunar holidays in the first week of Feb’19. However, limited quantity trades are being concluded in the market.

Key updates –

— According to SteelMint’s price assessment, Turkey observed a jump scrap prices in recent trades.US origin HMS (80:20) assessed at USD 288/MT, CFR. While Belgium and UK based sellers sold HMS (80:20) at USD 271-274/MT, CFR Turkey.

— Price assessment for USA origin HMS (80:20) in containers moved down at USD 260-265/MT, CFR Taiwan as against last weeks’ report of USD 265-270/MT, CFR.