Global ferrous scrap prices continue to rise. Although, the market is largely quiet because of Turkiye’s devastating tremor. Due to poor economic situation, Pakistan’s market remained closed for the entire week. The price of the Japan Kanto tender, which was closed at a high price compared to the previous month, was followed by an increase in the price of exports from Japan. Tokyo Steel increased its scrap purchase price after a month. Also, Shagang Steel which has changed its scrap buy price after almost more than one month.
Turkish trade stopped for tremors: Turkish mills reported some deals last week. However, no recent scrap trades were reported. Recently, the earthquake-caused fire and damage to Iskenderun port on the Mediterranean Sea halted operations and caused significant logistical disruptions throughout the country.
SteelMint’s daily assessment for HMS 1&2 (80:20) from the US stood at $427/t CFR Turkiye.
Pakistan remains silent over economy crash: Pakistan ferrous scrap market remained silent for another week, owing to negative sentiments based on factors such as limited foreign reserves, power outages, non-opening of letters of credit, and so on. Since the last 18 months or so, there has been an increase in international scrap prices and a subsequent depreciation of the PKR.
SteelMint’s assessment for imported shredded scrap in containers is at $470-475/t CFR, up by $15/t w-o-w.
Bangladesh market remains slow w-o-w: Bangladesh’s imported scrap market remained mostly silent, with little trading activity. However, prices continued to rise rapidly. Buyers were kept at bay by the offer-bid mismatch and the delay in the new LC opening. This week, some deals from Singapore, the US, and Hong Kong have been reported for various grades such as PNS and shredded.
Fresh offers for US-origin bulk HMS are heard at $460/t CFR Chittagong and is up by $5/t w-o-w.
Fresh containerised offers for UK-origin shredded scrap are at $495/t CFR, moving up by significantly by $25-30/t w-o-w.
Indian ferrous scrap market remains dull: Indian ferrous scrap market remained almost silent and buying inquiries were muted due to dull finished steel market. Market players are now in a wait-and-watch mode to get clarity about market trends.
SteelMint’s daily assessment for UK-origin shredded stood at $465/t CFR Nhava Sheva, moving up by $5-10/t w-o-w.
Kanto tender concludes on high price m-o-m: Japan’s bellwether Kanto Tetsugen scrap export tender concluded on 9 February, 2022. A total of 11,500 t of scrap was awarded, with the average price at around JPY 53,362/t ($407/t) FAS for H2 scrap, SteelMint learnt from sources.
Tokyo Steel resumes purchase after a month: Japan’s major EAF steelmaker, Tokyo Steel, resumed scrap purchases after nearly a month’s gap, post-the Kanto tender outcome. The company has increased buy prices by JPY 2,500/t ($19/t) for all plants. After the final revision, prices for H2 scrap stand at JPY 53,500/t ($408/t), delivered to the Tahara, Utsunomiya, and Okayama plants.
Shagang steel revises purchase price: China’s Shagang steel increased scrap buy prices for the first time this month by RMB 80/t ($12/t) for all grades. After the revision, HMS(6-10 mm) prices are at RMB 3,200/t ($472/t) delivered to headquarters, including 13% VAT. The company has increased prices after a month’s gap due to the CNY holidays.
Vietnam market active after holidays: Market activities in Vietnam improved after the prolonged Tet festival holidays. Steel producers and workers are returning to the production facilities after the holidays.
Imported scrap prices in the country increased for the second week in a row. Rumours abounded of some deals being concluded towards last weekend but no confirmation was available with end-users.
Indicative offers for Japanese bulk H2 scrap surged $450/t. Meanwhile, bulk offers for US-origin HMS 1&2 (80:20) were heard at $460/t CFR, up $5/t w-o-w.
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