- Offers to China rise on bullish sentiments.
- South Korean mills raise bids for Japanese scrap by $64/t.
- Tokyo Steel raises scrap purchase price thrice this week.
Japanese scrap export prices have jumped after the hike in the Kanto Tetsugen auction. Suppliers are very active, booking bulk scrap cargoes. Bullish sentiments in the global scrap market are pushing up prices. Bids in the May Kanto tender were increased by $50/tonne (t) month-on-month (m-o-m). A total of around 15,150 t of Japanese H2 scrap has been awarded at an average price of JPY 48,833/t ($449) FAS.
SteelMint’s assessment for Japanese H2 scrap exports now stands at JPY 48,000/t FoB, up by JPY 2,500 ($23) w-o-w.
South Korean mills raise bids for Japanese scrap by $64: South Korean mill Hyundai Steel increased its bid price for Japanese scrap on 14 May’21. Currently, the bid for H2 is at JPY 50,000/t ($456), up by JPY 7,000/t ($64) against the last bid which was concluded on 15 Apr’21. The steel maker has raised the bids for scrap purchase following the hike in the Kanto tender bids which rose by around $50/t m-o-m.
Japanese scrap prices rise further for China on bullish sentiments: Japanese scrap offers for HRS 101 grade have climbed further by around $40/t and these are now being offered at $580/t CFR China, SteelMint learnt from sources. However, last offers were heard at around $535/t CFR China levels towards the first week of May.
Bulk scrap offers for Vietnam up further: Bulk Japanese scrap (H2) offers for Vietnam have risen by $35/t compared to the offers assessed towards the beginning of this week. Currently, the H2 offers are heard at $520-525/t CFR Vietnam, SteelMint learned.
Three price hikes by Tokyo Steel this week: Tokyo Steel on 14 May’21announced scrap procurement price hike by JPY 1,000 ($9) for all five works and company. This is the third revision this week. After today’s revision, the company would pay a bid price of JPY 50,000/t ($457) for H2 scrap for Tahara and JPY 47,000/t ($430) for Utsunomiya works. Domestic scrap prices have risen amidst hike in export prices and surge in bids by Hyundai announced on 13 May’21.
Price in JPY
Source: Tokyo Steel
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