The global ferrous scrap market saw price drops as major market driver, Turkiye turned active lately at lower prices as compared to last week’s pause. Similarly, in the Bangladesh market, limited deals were heard throughout the week. Bangladesh remained mostly silent due to Ramadan, followed by Pakistan with some deals at lower prices.
Turkiye’s ferrous scrap prices fall to one-month low: Imported scrap prices in Turkiye continued to fall as trade remained sluggish. However, towards the weekend trade activities were heard at one-month low prices as buyers preferred to wait for some downward price corrections before taking raw material procurement decisions.
Recent US deals by West Marmara mill:
- HMS(80:20) scrap grade has been booked at $444/t on CFR Turkiye.
- Shredded and bonus scrap has been booked at $464/t CFR Turkiye.
Recent EU deals by West Marmara mill:
- Germany-origin HMS(85:15) has been booked at $446/t on CFR Turkiye.
- Germany-origin shredded scrap grade has been booked at $461/t CFR Turkiye.
SteelMint’s daily assessment for HMS 1&2 (80:20) from the US stood at $445/t CFR Turkiye, down by $15/t w-o-w.
Bangladesh, Pakistan’s imported scrap prices down w-o-w: Bangladesh’s imported scrap market saw slightly lower prices on low demand from end-users, which resulted in limited activities. Two deals concluded from Hong Kong and the US recently at lower prices.
Imported scrap offers for shredded were heard at $500/t CFR.
Prices inched down on limited inquiries. One bulk cargo heard to have been booked from the US at $475/CFR.
Pakistan‘s imported scrap market remained sluggish due to limited demand. Imported scrap prices fell on the back of some inquiries owing to tight liquidity and a depreciating currency.
SteelMint’s assessment for imported shredded scrap in containers stood at $470-475/t CFR, down by $15/t w-o-w.
Indian ferrous scrap market slow with some deals w-o-w: Indian steel mills maintained silence as the current financial year is about to end. Finished market remained subdued in India. There was downtrend in the market due to lack of demand. It happened because buyers were hesitant to purchase at current prices. The market also faced fluctuations in prices due to year-end sales issues and a dull finished steel market. However, some middle eastern origin deals with nominal quantity heard to be booked this week at current offer prices for HMS grade.
SteelMint’s assessment for imported shredded scrap in containers stood at $465-70/t CFR, down by $10-12/t w-o-w.
Japan’s scrap export offers slightly down: Scrap export offers continued to fall as Vietnamese and Taiwanese buyers did not show much interest. South Korean mills reduced their bids for the Japanese material. Japan’s domestic scrap supply and demand slowed in the Kanto region.
Tokyo Steel cuts ferrous scrap buy prices: Japan’s major EAF steelmaker, Tokyo Steel, lowered ferrous scrap procurement prices by up to JPY 1,500/t ($13/t) for all plants. After the revision, prices for H2 scrap stood at JPY 54,000/t ($415/t), were delivered to the Tahara, Utsunomiya, and Okayama plants.
Hyundai Steel trims Japanese scrap bids: Hyundai Steel decreased bid prices for imported Japanese scrap by up to JPY 1,700/t ($13/t) after a gap of two weeks. Bids for H2 scrap now stood at JPY 52,300/t ($402/t) FOB and those for HS grade at JPY 56,300/t ($433/t) FOB. The company has trimmed prices amid lower prices of domestic scrap.
Shagang Steel slashes ferrous scrap buy prices by $16/t: China’s Shagang Steel reduced ferrous scrap purchase prices by RMB 110/t ($16/t) for all grades. After the revision, HMS (6-10 mm) prices are at RMB 3,120/t ($456/t), delivered to headquarters, including 13% VAT. The company continued trimming bids two times in a row this week amid weaker steel demand.
Vietnam ferrous scrap market range-bound w-o-w: The bearish mood in Vietnam’s domestic market also made buyers wary of booking new import cargoes. Offers of US-origin bulk cargoes of HMS 1&2 (80:20) hovered at $480/t, whereas Japanese H2 bulk scrap offers were around $445-450/t CFR Vietnam, down by $5-10/t w-o-w.
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