- Turkey’s scrap import market active on global deals: The Turkish imported scrap market witnessed wide-ranging deals this week with several cargoes booked. The suppliers were aggressive in concluding deals at the latest possible prices. However, the price outlook remains unclear due to disparities in prices.
SteelMint’s assessment for US-origin HMS 1&2 (80:20) stands at $435/t CFR Turkey, down by $5/t w-o-w.
In the recent deals from Baltic origin, HMS (80:20) was booked at $435/t CFR and bonus scrap at $450/t CFR Turkey.
- Japanese scrap export prices increase: Japanese scrap suppliers have raised offers citing improved demand from key countries Vietnam and South Korea. Tracking hike in export offers, bids for domestic scrap purchases have also witnessed momentum. SteelMint’s assessment for Japanese scrap export offers stands at JPY 49,000/t ($441) FOB, moving up by JPY 1,500/t ($14) w-o-w.
- Tokyo Steel raises scrap buying prices by up to $18/t: Tokyo Steel has announced a hike in scrap purchase prices this week. The steelmaker has raised bids by JPY 1,000/t ($9) for the Okayama, Takamatsu and Kyushu works, while prices were raised by JPY 2,000/t ($18/t) for the Tahara and Utsunomiya works. Post-revision, the company’s bid price for H2 scrap will be JPY 52,000/t ($468/t) for Tahara and JPY 49,000/t ($447/t) for Utsunomiya.
Source: Tokyo Steel
Prices in JPY
- Dongkuk Steel defers scrap purchase price cut: South Korean steel major Dongkuk Steel has deferred its scrap purchase price cut. The company had planned to lower prices by KRW 10,000/t ($8) on 18 Sep’21. However, the price cut has been deferred until the end of September in order to secure deliveries, signaling limited chances of price correction.
- Vietnam’s Imported scrap trade picks up on improved demand: The Vietnamese market has gained energy. Scrap buyers were extremely active in the market on improved demand with easing of lockdown restrictions. Meanwhile Japanese scrap offers continue to move up due to a hike in domestic scrap demand. However, domestic construction projects are expected to resume in the coming days immediately once the workers return.
SteelMint’s assessment for H2 are at $490-495/t CFR Vietnam levels, up by $5-10/t w-o-w.
- Shagang Steel lifts scrap purchase price by $8/t: Shagang Jiangsu Steel has announced the second hike in scrap procurement price this month by RMB 50/t ($8) for all grades from 28 Sept’21. After the revision, the price of HMS (6-10 mm) stands at RMB 3,760/t ($583/t), including 13% VAT, delivered to headquarters.
- Bangladeshi imported bulk scrap trade picks up: Bangladeshi inquiries for imported scrap have gone up as mills are aggressively looking for cargoes for Oct-Nov’21 shipments owing to optimistic steel demand after the cloudbursts which kept mills active in booking scrap cargoes. However, container availability and freight rates continue to trouble mills. SteelMint’s assessment for UK-origin shredded are being quoted at $540-550/t CFR levels.
- Pakistan imported scrap prices dip: Pakistan has seen a slowdown in its dealings owing to bid-offer disparities which have kept bookings on the lower side. Furthermore, due to the rainy season, market sentiments have been a little dull. However, market players are waiting for clearer price movements.
SteelMint’s bi-weekly assessment for shredded scrap of UK/EU-origin stands at $510/t CFR Port Qasim, down $2-3/t compared to the beginning of this week.
- India’s imported scrap prices mostly stable in recent deals: The Indian imported scrap market reported active trading in the past few days, owing to a domestic scrap purchase price hike. Domestic scrap prices rallied on prevailing robust sentiments and increasing prices for substitutes like sponge iron, supported by high coal prices. On the other hand, the downstream market picked up momentum as transactions supported the price hike.
As per SteelMint’s bi-weekly assessment, indicative shredded offers were heard at $512-515/t levels, unchanged w-o-w.
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