According to Mining News Pro -This week observed ‘stable to strong’ prices mainly in global scrap markets like USA, Turkey and South East Asia. Turkish scrap prices edge up in recent deals despite of softer finish steel and billet prices. Japanese domestic scrap demand remains strong leading to another price hike of Tokyo Steel at Kyushu works this week. Indian scrap importers turned silent on recent currency depreciation. Offers to Asian markets like Pakistan and Bangladesh stand mostly stable with limited deals concluded. While prices up-ticked in containerized trades happened in Taiwan, Vietnam and Indonesia. South Korea`s Hyundai Steel booked another USA bulk vessel. China’s scrap prices remain unaltered amid ongoing golden week holidays.
Turkish scrap prices move up despite softer finish steel prices - Turkey scrap importers booked Baltic origin scrap amid rising global prices this week. Market sentiment improves in Turkey for semi finish on high scrap prices despite finish steel prices moved down by USD 5-10/MT W-o-W. In a recent deal, 26,000 MT HMS 1&2 (80:20) sold at USD 328/MT and 9,000 MT Bonus at USD 338/MT, CFR Turkey. Thus, price assessment for USA origin HMS (80:20) scrap stands at around USD 327-329/MT, CFR Turkey.
Japan’s Tokyo Steel raises scrap price by USD 4 at Kyushu plant - Strong local finish steel demand continues with rising production of EAF steelmakers in Japan. Tokyo Steel raised prices by USD 4/MT at Kyushu plant amid depreciating Yen against USD. While prices kept unchanged at other four plants. Now, H2 scrap prices stand at JPY 39,000/MT (USD 342) at Kyushu plant and at JPY 38,500/MT at Okayama. While prices at Tahara and Takamatsu steel stand at JPY 38,000/MT followed by lowest JPY 37,500/MT at Utsunomiya in Kanto region.
Hyundai Steel books bulk scrap vessel from USA - South Korea’s leading EAF steelmaker, Hyundai Steel booked bulk cargo of 50,000 MT mix grade scrap comprising 30,000 MT of Shredded, 10,000 MT of HMS 1&2 (80:20) and 10,000 MT of P&S scrap at an average price of USD 355/MT, CFR South Korea. It continues scrap purchases from Japan through individual negotiation instead of bidding for H2.
Vietnam scrap prices edge up following firm global prices - Firm Japanese domestic scrap prices have resulted in rising export offers to Vietnam this week. Few trades for Japanese H2 scrap were concluded at around USD 365/MT, CFR Vietnam in the beginning of week. A bulk vessel was sold last week for Hong Kong origin HMS 1&2 (50:50) in the range of USD 340-345/MT, Phu My Port. Deals for USA origin containerized scrap concluded for HMS 1&2 (80:20) at USD 345-350/MT, CFR, Shredded at around USD 365/MT, CFR and P&S scrap in 40 Ft. at USD 385/MT,CFR Vietnam.
Taiwanese scrap prices continue uptrend - Price assessment for USA origin HMS (80:20) stands at USD 338/MT, CFR Taiwan in containers. Few deals were concluded in the range of USD 335-340/MT, CFR as scrap demand improves from South East Asian markets.
Indian scrap importers silent on currency depreciation - Indian scrap importers have turned silent with an impact of recent depreciation of INR against USD. Buying sentiments among importers weakened amid less supportive semi finish and finish steel prices. Fall in local scrap prices and its easier availability over imported has resulted in pressurizing UAE HMS scrap prices this week. Although downward correction in the prices was anticipated it seems limited with strong global sentiments.
Offers for UK and Europe origin containerized Shredded scrap heard stable in the range of USD 355-363/MT, CFR Nhava Sheva. While dull demand pulled Dubai HMS 1 offers down to levels USD 345-350/MT, CFR. Minor trades for West African HMS 1&2 in containers learned at around USD 335-340/MT, CFR Chennai. Local HMS 1&2 (80:20) basic prices today assessed at INR 26,200-26,400/MT (USD 354-356), ex- Mumbai down INR 1000/MT on W-o-W. Local scrap being cheaper remains a preference for few steelmakers over imported.
Imported scrap bookings likely to pick up shortly in Pakistan - Steel makers in Pakistan remained waiting for Governments’ announcement and releasing of funds towards mega construction projects. Finish steel demand improved to moderate levels with restart in few construction projects. Local steel prices continue uptrend by PKR 1000-2000/MT for billet and rebar on W-o-W and likely to move up further. Offers for containerized Shredded scrap heard stable in the range of USD 360-365/MT, CFR Qasim for Europe and UK origin. Amid lower inventories in hand and slowdown in Indian purchases, Pakistan is likely to turn active for restocking imported scrap in upcoming days.
Bangladesh imported scrap prices stable, demand remains subdued - Price range for Shredded 211 scrap in containers from UK & Europe to Bangladesh widened this week to USD 372-380/MT, CFR. South African origin HMS 1 traded at stable levels of USD 365/MT, CFR Chittagong. Local scrap and ship breaking plate prices rebound after falling by BDT 400-500/MT W-o-W. Local rebar demand remains weak affecting buying sentiments and Indian sponge iron export offers fell sharply to USD 350/MT, CFR Chittagong on weak domestic prices in India, this could have resulted in subdued scrap bookings in Bangladesh.