- Turkey imported scrap prices up on positive sentiments: Turkish buyers resumed bulk scrap bookings for Jul’21 shipments on positive steel sentiments. Meanwhile, imported scrap offers were range-bound on active restocking. A total of four deals were reported this week. A major positive factor for the market was rising global raw materials prices due to increasing scrap demand. SteelMint’s imported scrap price assessment for US-origin HMS 1&2 (80:20) stood at $507/tonne (t), CFR Turkey, up by $2/t against last weekend.
- China raises bids for Japanese scrap by $15-20/t: Bids by Chinese steel mills for Japanese HRS 101 grade ferrous scrap moved up further by $15-20/t, week-on-week (w-o-w). Currently, bids for Japanese HRS 101 scrap are at $535-540/t, CFR, w-o-w and indicative offers are at $560/t, CFR. Shagang Steel lifted scrap purchase price on 11 Jun’21 by RMB 100/t ($16), for the first time in Jun’21. After this latest revision, prices for HMS (6-10 mm) stand at RMB 3,690/t ($578), inclusive of 13% VAT, delivered to headquarters. Hike in imported scrap offers from Japan and the recent rise in Chinese steel futures lifted scrap purchase bids.
- Japan’s Kanto scrap export tender up m-o-m: Japan’s monthly Kanto Tetsugen scrap export tender for Jun’21 was concluded on 9 Jun’21. A total of around 7,500 t of Japanese H2 scrap was awarded at an average price of JPY 49,195/t ($450), FAS, up by JPY 365/t. The highest bid was marginally lower by JPY 84/t ($1/t) against the May’21 tender. The tender was concluded for Vietnam. It is expected that, Japanese scrap export offers may rise, as bids by Hyundai Steel and other mills last week were comparatively lower.
- Hyundai Steel raises bids for Japanese scrap: South Korean steel major, Hyundai Steel, on 9 Jun’21 placed bids for Japanese ferrous scrap higher by JPY 1,000/t ($9) for all grades, as per SteelMint sources. Bids for H2 were at JPY 47,000/t ($429), FoB. The steelmaker raised its scrap purchase bids following the hike in bids in the Kanto tender by an average JPY 362/t ($3) m-o-m.
- Bulk scrap offers for Vietnam firm: Vietnam’s imported scrap offers were mostly stable week-on-week (w-o-w), with lower volumes of trade being observed due to the sluggish finished steel market. SteelMint’s assessment for Japanese H2 bulk scrap stood at $490-495/t CFR, similar to the previous week.
- Bangladesh scrap prices in container move north: Bangladesh’s steel and scrap market observed mixed sentiments this week. A leading Bangladesh’s steel mill booked 32,000 t of bulk US-origin scrap mix (shredded plus HMS) for Jul’21 shipments. The deal was concluded at around $530-535/t, CFR Chittagong, for the shredded material. However, sources reported the price level of this deal to be at $525/t CFR. No firm offers for bulk Japanese H2 were heard, with prices standing at $535/t CFR.
The country’s imported scrap offers moved up w-o-w. However, market activities and trade remained slow post-budget announcement last week. SteelMint’s assessment for shredded from the UK stood at $535-540/t CFR, up by $7/t w-o-w. - Pakistan imported scrap prices up: Imported scrap offers to Pakistan rose w-o-w.. However, the buying enquiries slowed down slightly as buyers were awaiting the budget . Various deals for imported scrap were observed towards last weekend in the range of $515-520/t levels. Deals of about 1,500 t of shredded scrap were concluded at $521-523/t CFR levels. SteelMint’s bi-weekly assessment for shredded scrap stood at $527/t, CFR Port Qasim, up by $7/t against the last assessment on 8 Jun’21 and around 15/t against last week.
- India’s scrap prices increase over week: Global scrap prices moved northward this week, with bullish trading activity seen in Turkey. Indian scrap offers too followed the global trend, and thus offers climbed further by $10-15/t w-o-w. Trading picked up too. Market insiders expect that prices will go up further. SteelMint’s assessment for UK/Europe-origin containerised shredded scrap stood at $527/t CFR Nhava Sheva, a hike of $10-15/t w-o-w.
- Tokyo Steel’s scrap prices unchanged: Japan’s leading EAF mill, Tokyo Steel, kept its scrap purchase prices unchanged for yet another week. The company continued to pay JPY 51,500/t ($470/t) for the Tahara plant and JPY 48,000/t ($438/t) for its Utsunomiya works.
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