- Turkey’s imported scrap price hikes further
- Kanto tender bids up by JPY 404/t ($4) FAS m-o-m
- Export offers for Vietnam rise, South Korean mills likely to raise bids
- Shagang Steel hikes scrap purchase price further
- Turkey’s imported scrap prices rise further w-o-w – Turkey’s imported scrap price have increased further in a recent deal. Offers and inquiries have started moving up and there is a buoyancy in the market. Global scrap market trades are picking up as mills are replenishing inventory before Ramadan. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stood at $435/t CFR Turkey, up by $5/t w-o-w. However, in a deal heard towards week end prices have dipped by $3/t.
- Kanto tender bids up by JPY404/t FAS m-o-m – Just 20,000 t of Japanese H2 scrap was awarded at an average price of JPY 43,380/t ($397) FAS in Kanto Tetsugen monthly ferrous scrap export tender which concluded on 9th Apr’21. The tender was concluded in slots of 5,000 t of scrap each, witnessing a bid price increase by JPY 404/t ($4) m-o-m.
Monthly, around 15,000-20,000 t of H2 scrap is sold through Kanto tender auction and the FoB prices for the same are higher by around $9-10/t vis-a-vis FAS. The tender serves as a benchmark for the Japanese scrap export market. - Tokyo Steel’s domestic scrap purchase bids remain unchanged – Tokyo Steel kept its scrap purchase price unchanged from the last two weeks. The company is currently paying JPY 40,000/t ($364) for H2 scrap delivered at Utsunomiya and JPY 41,000/t ($373) for Tahara works.
- South Korean buyers remained inactive this week – Imported scrap trades remained stable. A prominent steelmaker- Hyundai Steel hasn’t presented bids for Japanese scrap purchase price this week. Japanese scrap export offers have moved up further as demand from the overseas market is increasing before holidays. SteelMint’s assessment for Japanese H2 scrap export stood at JPY 43,500/t ($396) FoB.
- Imported scrap offers to Vietnam bounced back – Vietnam are looking for other scrap source countries due to increased offers towards the end of last week. It has been reported that freight rates have now lowered slightly as compared to last month when numerous fluctuations were witnessed. Offers for bulk H2 grade scrap stands at $450-455/t CFR for Vietnam, up by $13/t w-o-w.
- India’s imported scrap trades limited on increasing lockdown restrictions – Indian imported scrap market observed limited trades due to increased lockdown restrictions in most of the regions amid a sharp spike in COVID cases. Limited container and material availability is the major reason for offers being pushed up. SteelMint’s assessment for containerized shredded of UK/US origin is at $460-465/t CFR Nhava Sheva level, up by $10/t w-o-w.
- Bangladesh based mills book bulk scrap cargoes – Bangladesh based major steel mills have booked three to four bulk scrap cargoes from US and Australia recently due to restocking ahead of Ramadan holidays. Deal prices for concluded US bulk bookings were heard to be at $455-465/t CFR for HMS. However, offer has risen to $470/t CFR levels. Bangladesh imported 0.16 mn t scrap via bulk route in Mar’21 as against 0.11 mn t a month ago, as per vessel line up data maintained with SteelMint.
Containerized scrap offers have maintained its northward momentum. Buyers are finding it difficult to buy scrap as sellers are demanding higher prices in a sluggish market. However, limited trades were reported. SteelMint’s assessment for containerized shredded of UK origin stood at $476/t Chittagong levels, up by $5/t w-o-w. - Pakistan imported scrap prices rebound – Imported scrap offers moved up further by $10-15/t for yet another week. Local and imported scrap prices in Pakistan have rallied on global trends, falling inventories with mills and restocking ahead Ramadan holidays. Around 25,000 t of shredded has been booked in containers at $450-460/t CFR Qasim basis. SteelMint’s assessment for UK/EU origin containerized shredded stands at $468/t CFR Qasim levels, registering a hike of over $5/t w-o-w.
- China’s Shagang Steel hikes scrap purchase price further – China’s largest EAF steelmaker- Shagang Steel has raised scrap purchase price today by RMB 80-100/t ($12-15) for all grades, reliable sources have reported to SteelMint. The company has increased its price in just two days. It had increased price by RMB 30/t earlier this week.
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