- Turkey’s imported scrap price rebound in recent deals
- Two bulk scrap bookings concluded by Bangladesh based mills
- Tokyo Steel increases scrap purchase price twice this week
- Turkey’s imported scrap price rises on steel demand – Imported scrap price in Turkey have increased in deals concluded recently. Buyers had held back scrap bookings for clearer market momentum from China after CNY holidays. Many were waiting to see whether the post-holiday sentiment boost would lead to a lasting uptrend in the market. SteelMint’s assessment for US origin HMS 1&2 (80:20) now stands at $418/t CFR Turkey.
- Tokyo Steel announced two price hikes this week – Japan’s leading EAF mill – Tokyo Steel increased its scrap purchase price twice this week for all its plants by up to JPY 4,000/t ($38). The company is now paying JPY 39,000/t ($369) for H2 scrap for all its three works -Tahara, Utsunomiya and Okayama plant. The purchase price of EAF in the Kanto region has gradually increased and the price is now synchronised with the market.
- Japanese scrap export price rally continues – Japanese scrap export prices continued to move up for the third consecutive week on strong domestic and overseas demand. Hyundai Steel has lifted its bid for Japanese scrap purchase price by up to JPY 6,500/t after a gap of around two weeks. The bid for H2 has now settled at JPY 40,500/t ($382) FoB level, up by JPY 5,500/t ($52) against the last bid, which was on 28th Jan’21. SteelMint’s assessment for Japanese H2 scrap export stands at JPY 40,300/t FoB, up by JPY 800/t w-o-w.
- Japanese bulk scrap offers for Vietnam surges further by $5-10 – Japan’s ferrous scrap export offers to Vietnam have moved up by $5-10/t, as compared to the beginning of the week. Vietnam’s scrap market has resumed after the Tet holidays. Currently, offers for bulk Japanese H2 scrap are being quoted around $425-430/t CFR to Vietnam, up by $18-20/t w-o-w.
- India’s imported scrap prices on an uptick, trades subdued – Imported scrap offers have continued to move up further for yet another week in India. However, trades have slowed down. SteelMint’s assessment for containerised shredded UK/US origin stands at $452/t CFR Nhava Sheva level, up by $25/t against the end of last week.
- Bangladesh bulk scrap price up in recent bookings – Imported bulk scrap price to Bangladesh have increased by $10/t in recently concluded deals this week. Increasing inquiries from China for Japanese scrap and material shortage were the major issues behind the continuous price hikes. Bangladesh-based steel mills have booked two Japanese bulk scrap cargo for Mar’21 shipment. One bulk cargo comprising 18,000t of H2 has been booked around $420-425/t CFR Chittagong. Another cargo of similar grade has been booked at around $430-432/t CFR Chittagong.
With increasing containerized imported scrap prices, the gap between offers and bids has widened. SteelMint’s assessment for shredded now stands at $465/t CFR Chittagong level, up by $25/t w-o-w. - Pakistan scrap import price spikes by $25 – Pakistan’s imported scrap market has witnessed a sharp rebound in prices in recently concluded trades. Increasing demand and tighter material availability with suppliers remained the major factors behind the sharp price hike. Only big players are active in the current market, whereas other steelmakers are booking as per their requirements. SteelMint’s assessment for the UK/EU origin containerised Shredded now stands at $455/t CFR levels, registering a hike of around $25-30/t w-o-w.
- Shagang Steel’s scrap purchase price untouched since Jan’21 end – Eastern China’s largest EAF steelmaker- Shagang steel has kept its scrap purchase price unchanged from the end of Jan’21. Currently, prices for HMS (6-10 mm) stood at RMB 3,190/t ($491), inclusive of 13% VAT, delivered to headquarters.
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