- Turkish imported scrap prices hit 6.5 years high
- Japan’s monthly Kanto scrap export tender fetched bids higher by $78 m-o-m
- Hyundai Steel raised bids for Japanese scrap by $63
- Imported scrap prices in South Asia up by $30 w-o-w
- Turkish imported scrap prices rise to over 6.5 years high –Turkish mills continue to pull up domestic scrap buying prices in line with the ongoing rise in imported scrap prices. Imported scrap prices reached over 6.5 years high on availability concerns. Major supplying countries like the USA are holding back and targeting high offers as local demand in the US scrap market is very strong. SteelMint’s assessment for USA origin HMS 1&2 (80:20) stands at $398/t CFR Turkey, up by $35/t on a weekly basis.
- Bids in Japan’s monthly Kanto scrap export tender up by $78 m-o-m – A total of just 12,000 t of Japanese H2 scrap was awarded at an average price of JPY 38,710/t ($372) FAS basis in Kanto Tetsugen monthly ferrous scrap export tender concluded on 10th Dec’20. The tender was concluded in slots of 6,000 t of scrap each at JPY 38,910/t ($374) and JPY 38,510/t ($370) respectively. Notably, both the cargoes have been booked by Vietnamese steel mills, and the bid price is almost 10-12 year high.
- Tokyo Steel raises bids twice for Japanese domestic scrap –Japan’s leading EAF mill- Tokyo Steel has adjusted its scrap purchase price twice this week, and prices have increased by a total of around JPY 3,000/t in price revisions for all of its plants. After a second price revision, the company would pay JPY 37,500/t ($360) for H2-scrap delivered to Tahara and JPY 33,000/t ($317) for Utsunomiya works in Kanto, which came into effect from yesterday. This is the company’s fifth price hike in Dec’20.
- South Korean mill lifts bids for Japanese scrap – South Korean mill – Hyundai Steel has increased bids by JPY 6,500/t ($63) for Japanese scrap in bids presented yesterday. The company has set a new bid price for H2 scrap at JPY 40,000/t level, while the same for HS and Shindachibara stands at JPY 43,500/t FoB level. Notably, the company has made a bid for H2 after a gap of one month. Prices have risen after a sharp hike in bids of Kanto Tetsugen tender. SteelMint’s assessment for Japanese H2 stands at JPY 38,000-39,000/t FoB level, increasing considerably by JPY 5,000/t w-o-w, on recovering steel production, while scrap generation and supply remains on the lower side.
- Indian imported scrap offers crossed $400 w-o-w –Imported scrap buying slowed down this week as offers climbed to $30/t throughout this week on strong international market and high container freight costs. No trades of imported scrap were heard at increased offers. This is primarily due to the price gap between domestic scrap and the landed cost of imports. SteelMint’s assessment for Shredded scrap in containers of UK/EU origin stands at $410/t CFR Nhava Sheva, up significantly by $25/t w-o-w.
- Bangladesh imported scrap trades remain active on limited bulk offers –Imported scrap trades in containers have remained active in Bangladesh due to the absence of firm bulk offers. Container shortage continues to remain a concern due to COVID’19. SteelMint’s assessment of containerized shredded 211 scrap from UK/Europe origins stands at $425/t CFR Chittagong, up considerably by $20-25/t w-o-w.
- Pakistan’s imported scrap offers rise by $20 w-o-w – Rebar prices in Pakistan’s domestic market have strengthened further this week on the back of sharp hike in imported scrap prices and are edging close to three years high levels, as similar prices were recorded during Mar’18. finished steel prices have increased in Pakistan, the hike is still less compared to surge in input cost due to imported scrap price rally. SteelMint’s assessment for imported shredded 211 scrap in containers from UK/Europe stands at $408/t CFR Qasim, up by $25/t w-o-w.
- Shagang Steel kept scrap purchase price unmoved – Eastern China’s largest EAF steelmaker- Shagang Group kept its scrap purchase price unchanged from the last fifteen days. The company had raised prices by RMB 50/t ($8) for all grades on 25th Nov’20. The purchase price for HMS (6-10 mm) stood at RMB 2,940/t ($449), inclusive of 13% VAT, delivered to headquarters works at Zhangjiagang North of Shanghai in China.
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