Turkey: Turkish market for imported scrap remained silent this week, with no bulk bookings getting concluded, after very active trades in the previous 3 weeks.
After around 33-35 bulk cargoes for March shipment being booked in the month, Turkish mills are in no hurry for April shipment bookings, and put pressure on sellers by bidding at significantly lower price levels than the last deal’s price, to pull the workable price down
SteelMint’s assessment for HMS 1&2 (80:20) from USA stands at around USD 279/MT CFR Turkey , almost at same levels as closing of last week, while assessment for European origin stand at USD 273-274/MT.
Japan: Japan’s Tokyo steel has lowered its scrap purchase price by JPY 500/MT (USD 9) at its Kyushu works in the western region and kept price unchanged for the other four works. After the said price cut, the company is now paying JPY 19,500/MT (USD 177) for H2 scrap delivered to its Kyushu works, while the price for H2 delivery to Utsunomiya plant in the Kanto region and Tahara Plant in the Central region remain unchanged at JPY 20,000/MT (USD 182) and JPY 20,500/MT (USD 186) respectively.
South Korea: Japanese scrap offers to South Korea moved up sharply this week, majorly on strong bids from Taiwan for Japanese material. Japanese H2 scrap offers stand at JPY 25,000/MT FoB, against the JPY 22,000/MT levels in mid-Feb ’20. Korean buyers resisted the surge in offers with few bids for H2 being reported at JPY 24,000/MT FoB. Apart from Taiwan and South Korea, Japanese offers to Vietnam and SE Asia too have rebounded this week, with H2 to Vietnam climbing up by USD 10/MT and current assessed at USD 261-261/MT CFR.
China: China’s Shagang Steel announced first price revision this week for their scrap purchase in the last 10 weeks, after last revision in mid-Dec’19, cutting its bids by RMB 30/MT (USD 4) for all grades.
After the price cut, Shagang Steel is now paying RMB 2,670/MT (USD 380) inclusive of 13% VAT for HMS (6-10 mm thickness) delivered to headquarters works situated in Zhangjiagang north of Shanghai in China, down by RMB 30/MT (USD 4) against the last revision to RMB 2,700/MT on 9th Dec’19.
After tight scrap supply and restricted transportation due to novel Coronavirus outbreak in China for several weeks, supply finally resumed to some extent recently.
India – Offers for Imported scrap to India moved up over the week, while buying activities in containers dipped down slightly in comparison to good trades in the previous week. Market anticipates price correction at global levels before mid next month.
SteelMint’s assessment for Shredded 211 to India from USA and UK/Europe stands at USD 312-315/MT CFR Nhava Sheva, up USD 7-8/MT against last week. Later in the week, a deal of 1500 MT of Shredded was reported at USD 313/MT CFR Nhava Sheva, while present offers from most global suppliers stand at around USD 313-317/MT CFR.
Brazil origin HMS 1&2 (80:20) being sold in decent quantities at USD 292/MT CFR, while few trades of HMS 1&2 (80:20) from UK origin at around USD 290-293/MT concluded. UAE origin HMS 1&2 (with ci gi) was sold in some quantities, at around USD 295-300/MT CFR depending on quality, while HMS 1(no ci gi) material is being offered at up to USD 305/MT CFR. South African HMS 1 hand-loaded material’s offers have shot up to USD 308-310/MT range.
A Bulk vessel was booked by a Gujarat based steelmaker from a US (west Coast) supplier, comprising of 32,000 MT Shredded for USD 310/MT, at this week’s opening
Bangladesh: Offers to Bangladesh for imported scrap moved up further, even as most of the higher grades’ offer levels are almost unviable for the steelmakers on current domestic market position, thus keeping most buyers majorly disinterested and out of the market for the same.
Offers for UK/Europe origin Shredded scrap stands at USD 330/MT CFR, while P&S was offered at USD 325 levels from a variety of origins, although no buyers’ inquiries were reported at anywhere close to these inviably high levels.
HMS 1 from Australian origin was offered at USD 306-310/MT CFR, while Brazil origin HMS 1 was offered at around USD 300/MT CFR. HMS 1&2 (80:20) was offered at around 292-296/MT CFR, depending on origin.
Pakistan: Partly due to restocking necessities, Pakistan remained active for imported scrap bookings this week as well, with bookings at successively increasing prices getting confirmed every day. Shredded 211 offers from UK/Europe origins range from USD 315-320, with latest bookings getting concluded at USD 315-317 CFR Qasim. HMS 1 Super (no ci gi ) offers have shot up to USD 305/MT by the closing of the week.
A Bulk booking at the opening of the week was concluded at USD 306/MT for 26,000 MT of Shredded and USD 311/MT CFR for 4,000 MT of P&S, while market chatter about inquiry for another bulk booking is going on.
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