- Turkey’s imported scrap prices hit a ten-year high
- Shagang Steel raised scrap prices by RMB 180/t ($28)
- Japanese scrap market awaits Kanto tender outcome
- Turkey’s imported scrap prices hit a ten-year high in a recent deal – Imported scrap prices in Turkey have jumped around $45/t w-o-w and significantly up by $15/t against SteelMint’s last assessment on 06 May’21. Recently, a Baltic origin bulk scrap cargo has been booked to the West Marmara region-based steel mill and comprised of HMS 1&2 (80:20) at $488/t, shredded, and bonus at $498/t CFR Turkey levels. The prices are at highest level in and a ten-year high as similar price levels were seen in Feb’11. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stands at $490/t CFR Turkey.
- Japanese suppliers hike scrap export offer to China by up to $10/t – Japanese scrap suppliers have raised HRS 101 grade export offers to China by up to $10/t w-o-w and is being offered at $535/t CFR China basis, SteelMint learned from its sources. However, last week deals were concluded at around $515/t CFR China. Traders highlighted limited trades getting concluded this week amid Golden Week and Labour Day holidays.
- South Korean mills book bulk scrap cargoes of non-Japanese origin – South Korean mill – Hyundai Steel has booked 30,000 t of Australian scrap at $447/t in early April and it is expected to arrive by late June, as per SteelDaily report. Buyers continuing to opt for a wait-and-watch approach.
Another major giant – Dongkuk Steel has recently booked a Russian scrap cargo. The cargo comprises of 20,000 t of Russian A3 scrap and the deal was concluded at $445/t CFR level. Not many suppliers were active in the market as they preferred to wait for the outcome of Kanto tender scheduled next week.
SteelMint’s assessment for Japanese H2 scrap export now stands at JPY 45,500/t ($413) FoB, up by JPY 500/t w-o-w. - Bulk scrap offers for Vietnam rises – Imported scrap prices to Vietnam are on the higher side. Japanese scrap suppliers have kept their scrap export offers at higher levels. Few trades were reported for Japanese H2 at $480/t CFR basis and now fresh offers have risen to $485/t CFR Vietnam.
- Japanese domestic scrap prices stable during Golden week – Tokyo Steel has made no revisions for scrap purchase price from the past two weeks. The company has hiked prices by up to JPY 1,000/t on 21st Apr’21 and latest price is JPY 42,000/t ($387) for H2 scrap delivered at Utsunomiya work and JPY 44,000/t ($405) for its Tahara plant in Central Japan.
- Indian import scrap prices rise by $20 – Imported scrap prices to India rose sharply tracking the hike in Turkey prices but offers are not workable at the moment. However, trades continued to remain slow on lower finished steel sales, production cuts on oxygen supply constraints and preference for domestic substitutes like scrap and sponge iron. SteelMint’s assessment for UK/Europe origin containerized shredded scrap stood at $488/t CFR levels, up by $20/t w-o-w.
- Pakistan imported scrap prices up, trades remain subdued – Imported scrap offers continued to rally as few market participants actively restocked inventory before Eid and some trades happened at the end of this week. Prices have moved up by $20/t against last week. SteelMint’s price assessment for containerized shredded scrap stands at $485-490/t CFR Port Qasim.
- Bulk scrap offers for Bangladesh moved up – Bangladesh buyers are not active in market due to ongoing Ramadan, upcoming Eid holidays and existing inventories. Bulk scrap offers for Japanese H2 have moved up by $10/t this week to $500/t CFR Chittagong levels.
Container market impacted among bearish market fundamentals and increased freight rates remained the major concern for most of the scrap buyers and steelmakers, coupled with weak finished steel demand on stricter lockdown. SteelMint’s assessment for UK/EU origin shredded is at $505/t CFR Chittagong levels, registering a rise by $10/t w-o-w. - Shagang Steel hiked scrap purchase price twice this week – Chinese domestic scrap purchase prices rose by RMB 180/t ($28) this week for all grades. Price indication for HMS (6-10 mm) stood at RMB 3,720 ($578), inclusive of 13% VAT, delivered to headquarters. Tighter supplies, optimistic steel outlook and hike in global scrap offers resulted in price hike.
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