Global scrap market witnessed mixed trends this week. Many Turkish buyers were active in deep-sea bulk cargo bookings throughout the week. Pakistani buyers were actively booking their cargoes from UK/Europe origin on an increased price level, whereas, imported scrap offers to other South Asian countries like India and Bangladesh mostly steady against last week’s offers, and limited trades were reported. Japanese scrap export offers to South Korea witnessed an uptick, while domestic scrap purchase price remained unchanged. China’s Shagang steel did not make any adjustments in domestic scrap procurement prices.
Turkey: Turkish scrap buyers have remained very active since last two weeks. In this week 5-6 deep-sea bulk cargoes got booked at an increased price.
Among the latest bookings, a major scrap supplier based in USA sold a bulk cargo to steel mill situated in the black sea region. The cargo comprised of shredded at $275/t and bonus (P&S) $280/t CFR Turkey basis.
Steelmint’s assessment of USA origin HMS 1&2 (80:20) scrap to Turkey now stands at $273/t CFR, up by $6/t against Monday, and around $10/t higher than closing of last week.
Japan: Tokyo steel kept its domestic steel scrap purchase price unchanged this week. Domestic scrap purchase price decline has stopped after the Kanto scrap export tender prices have increased. As per last week’s price adjustment, currently, the company is paying JPY 22,000/t, and JPY 22,500/t for H2 scrap delivered to Utsunomiya works in the Kanto region and Tahara plant in central Japan respectively.
China: Shagang Jiangsu Steel group kept its domestic steel scrap procurement price unchanged this week. Last week scrap purchase prices rose by RMB 50/ MT. The purchase price for HMS (6-10 mm thickness) still stands at RMB 2700/MT, inclusive of 13% VAT, delivering to headquarters works situated in Zhangjiagang North of Shanghai in China.
South Korea: This week, Korean steelmakers increased their bid price for Japanese scrap by around JPY 2,000/t FoB on a weekly basis. POSCO has bid for Japanese scrap during the middle of the week, and the price for HS and Shredded scrap set at JPY 29,000/t CFR and JPY 28,500/t CFR Korea, which is equivalent to around JPY 26,500/t ($ 247) and JPY 26,000/t ($ 243) FoB Japan basis, respectively, putting Japanese H2 scrap at JPY 24,000/t FoB Japan. As per reports, offers for Japanese H2 now stands at JPY 25000-25,500/t FoB Japan basis from suppliers side.
Whereas, Hyundai Steel had booked a 10,000 t of Russian A3 grade scrap yesterday at $ 254/t CFR basis, down by $16 against last Russian deal. Other Korean steelmakers have also been inquiring for Russian scrap, and have cut bids, at a time when Japanese scrap bookings are very slow, due to price disagreement.
India: This week, imported scrap offers to India for HMS observed a slight uptick, and shredded offers remained mostly sable against last week’s closing, while trades to India witnessed to be quiet.
SteelMint’s assessment for containerized Shredded 211 from UK/Europe rest at $290/t CFR Nhava Sheva, however, no trades have got concluded this week, due to major difference between buyers bid price and
global suppliers offer.
HMS 1 from UK/Europe, is being offered at around $275/t CFR Nhava Sheva, and good quality of HMS stands in the range of $265-270/t CFR basis, depending on the origin. Whereas, UK origin HMS 1&2 (80:20), is being reported at around $260/t CFR Nhava Sheva.
HMS 1&2 (80:20) from West African origin being reported at $250-255/t CFR basis to Goa, up by $2/t against last week’s closing, and Brazil origin HMS (1&2) (80:20) stands in the range of $265-266/t CFR.
Pakistan: Imported scrap price to Pakistan increased for yet another week, since last two weeks as active bookings witnessed throughout this week. Pakistani buyers, trying to replenish their scrap inventory before the next week’s Eid-festival holidays.
Around 7000-10000 t of Shredded 211 scrap was booked recently at 300/t CFR Qasim from UK/Europe. Fresh, offers for Shredded reported at $298-300/t CFR from UK, although buyers are trying to buy at $296-297/t CFR level.
SteelMint’s assessment for Shredded 211 scrap from UK/Europe stands at $300/t CFR Qasim by the closing of this week, up by around $3/t against the opening of the week, while, increasing sharply by $8 against, the closing of last week.
Bangladesh: Offers to Bangladesh for imported scrap remained mostly quiet this week, as global suppliers are offering more to other South Asian countries such as Pakistan. Very limited, trades to Bangladesh were reported in containers this week.
SteelMint’s assessment for containerized shredded 211 scrap from UK/ Europe origins stands in the range of $300/t CFR Chittagong, remained stable against last week’s report, however only few offers for European shredded, were reported in Bangladesh market.
Only Brazilian origin HMS 1 deals were concluded at around $275/t CFR, while offers were above $280/t for HMS 1. HMS 1&2 (80:20) from Brazil is being offered at around $270/t CFR Chittagong basis.
Leave a Reply