- Turkey’s imported scrap prices plunge in recent deal.
- Tokyo steel prices unchanged throughout the week.
- Shagang Steel trims scrap prices by a total of RMB 270/t ($42/t) this week.
- Hyundai Steel books Russian scrap.
- Turkey’s imported scrap prices plunge in recent deal: Turkey’s imported scrap prices have seen several fluctuations throughout the just-concluded week. A total of four deals were recorded by SteelMint this week. Limited trade happened in the first half at higher prices. Recently, a US- origin bulk cargo was booked by a West Marmara-based steel mill. The cargo comprised HMS 1&2 (80:20) concluded at $503/t, while the shredded material was sold at $513/t, CFR Turkey.
SteelMint’s price assessment of US origin HMS 1&2 (80:20) stands at $503/t CFR Turkey, marginally down by $4/t week-on-week (w-o-w). - China’s bid for Japanese scrap falls: Bids from Chinese steel mills for the most preferred Japanese HRS 101 grade have further slumped by $10-15/t, w-o-w. Current bids are at $505-510/t, CFR China. However, no recent deals have been heard by SteelMint. Softening buying interest has resulted in lower bids for imported Japanese scrap.
- South Korean mill books bulk cargoes: South Korea’s Dongkuk Steel recently booked Japanese H2 scrap at JPY 47,000/t FoB basis. Another South Korean major, Hyundai Steel, did not present a bid for Japanese scrap this week. In contrast, it booked a Russian bulk scrap cargo. The cargo comprises 35,000 t of Russian A3 scrap and the deal was finalised at $499/t, CFR level. SteelMint’s assessment for Japanese H2 scrap exports stands at JPY 48,000/t FoB, down JPY 3,000/t ($27/t) w-o-w.
- Tokyo Steel scrap purchase prices unchanged: Japan’s leading EAF mill, Tokyo Steel, kept its scrap purchase prices unchanged this week. The company is paying around JPY 51,500/t ($473/t) for the Tahara plant and JPY 48,000/t ($440/t) for its Utsunomiya works.
- Shagang Steel cuts scrap purchase price thrice: Shagang Steel reduced its scrap procurement prices by a total of RMB 270/t ($42/t) this week for all grades. Currently, the price for HMS 6-10 mm stands at RMB 3,590/t ($568), inclusive of 13% VAT, delivered to headquarters. Notably, scrap prices are seen edging close to one-month low, as per SteelMint records.
- Japan scrap offers to Bangladesh, Vietnam fall: Japanese scrap offers to potential buyer countries like Bangladesh and Vietnam have come down on less inquiries. Offers for Vietnam have fallen significantly by $30/t to $500/t CFR Vietnam against the price reported at the beginning of the week.
No firm offers have been reported from Bangladesh for Japanese scrap. However, trade from the US was active whereby recently two bulk US-origin scrap cargoes were booked for July’21 shipments . The cargoes comprised a mix of shredded scrap and HMS, with the shredded material getting booked at around $535-540/t, CFR Chittagong. Prices have corrected by $20-25/t against offers heard earlier this week. - Pakistan imported scrap prices down $23/t: Import ferrous scrap prices in Pakistan dropped significantly against the beginning of this week on limited trade. Lower bids and a sharp decline in Chinese steel futures kept buying interest limited. SteelMint’s bi-weekly price assessment for shredded scrap stands at $505/t, CFR Port Qasim.
- India’s imported scrap prices follow global trend: Indian imported scrap offers have fallen significantly this week. Despite a decline in offers, limited trade was seen throughout the week. Traders are looking to sell distressed cargo at lower levels. SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $505/t CFR Nhava Sheva, decreasing significantly by over $30/tw-o-w.
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