Indian scrap importers turn silent amid currency depreciation - Indian importers have turned silent for scrap imports amid currency depreciation and sharp decline in domestic scrap prices. Few steel mills are working with stocks available in hand, awaiting clear price trends in the global market in upcoming days. Participants remain waiting presently seeking for the stability of INR against USD.
Price assessment of UK and USA origin containerized Shredded scrap remain stable at USD 382-385/MT, CFR. But HMS 1&2 prices have moved down by USD 5-10/MT on W-o-W basis. Offers for HMS 1&2 (80:20) from UAE stood at USD 355-360/MT and HMS 1 at USD 365-370/MT, CFR.
West African and European HMS scrap was being offered in the range of USD 340-350/MT, CFR. South African HMS 1 assessed at USD 375/MT, CFR Nhava Sheva.
Currently, HMS (80:20) basic prices assessed at INR 25,100-25,300/MT in Mumbai, while INR 24,800-25,000/MT in Chennai, GST @ 18% extra which have dropped INR 600-800/MT on W-o-W.
Steel prices in Pakistan shoot up, few scrap trades reported - A leading steel mill has booked Shredded scrap in containers from a supplier in UK at USD 383-387/MT, CFR port Qasim. While earlier to which, in the closing of last week few deals for UK based shredded were confirmed in the range of USD 380-382/MT, CFR Qasim.
Price assessment for HMS 1&2 (80:20) scrap from UAE and South Africa remained stable at around USD 370/MT, CFR Qasim.
CRC scrap bundles are offered at USD 405/MT, CFR from Europe and no bulk offers were heard. HMS 1&2 (80:20) from UK/Europe origin was being offered in the range of USD 360-365/MT, CFR. The local market is expected to open in full swing in the next week, however local scrap, billet and rebar prices shoot up sharply over currency devaluation.
Bangladesh importers silent on weak steel prices - Offers for containerized Shredded 211 scrap are being reported in the range of USD 395-405/MT, CFR Chittagong. However, very limited buying interest was seen at these levels from Bangladesh buyers. Few limited quantity deals heard to have concluded in the closing of this week. Shredded booked at USD 395/MT, HMS 1 from UAE sold at USD 384-385/MT, CFR and HMS 1&2 (80:20) from West Africa and Europe sold in small quantities at around USD 360-365/MT, CFR.
Local domestic scrap, ship breaking scrap and rebar prices fell by BDT 500-1000/MT W-o-W on overall weak sentiments in the market.
Hyundai Steel kept bids unchanged for Japanese scrap - South Korea’s leading EAF steelmaker - Hyundai Steel has kept bids for all grades of Japanese scrap unchanged following weak Japanese domestic prices. H2 bid assessed stable at Japanese Yen 33,000/MT (USD 298) on FoB Japan basis against the bid placed last week (22nd June).
The steelmaker placed bid this week for H 1&2 (50:50) at JPY 33,500/MT (USD 303). Bids for medium grade scrap like HS and Shredded remained stable at JPY 37,000/MT (USD 334) and for high-grade scrap Shindachi Daichibara (SB) at JPY 40,000/MT (USD 361), FoB Japan.
Hyundai steel also booked Russian A3 grade scrap at USD 348/MT, CFR levels down by USD 7/MT from last weeks` price report.
Japan’s domestic scrap prices continue downtrend for the second week – According to price indices reported by Japan Iron and Steel Association, domestic scrap prices continue downward for a successive second week in Japan. The average price index for H2 scrap stood at JPY 33,100/MT (USD 299) down by JPY 200/MT on W-o-W basis.
Japanese suppliers remain resistant to the bids placed by Hyundai on optimism about the export market. Average H2 scrap export offers from suppliers assessed in the range of JPY 34,000-35,000/MT, FoB for Kanto and Kansai regions in Japan.
Turkish steel mills finish July deep sea cargo bookings - After observing a slowdown in purchases during national parliamentary elections last week, Turkey-based steel mills have picked up scrap imports this week. Several deep-sea cargo bookings were made this week by Turkish steel mills and as per reports, they have finished bookings for July.
According to SteelMint’s assessment, these recent deals concluded at almost stable levels in the market have maintained the price assessment for USA origin HMS (80:20) scrap at around USD 354-355/MT, CFR Turkey. Last week the assessment was at USD 356-357/MT, CFR. In a recent deal, USA based supplier sold 30,000 MT of Shredded at an average price of USD 368/MT, CFR.
Taiwan scrap import prices remain firm - Import scrap prices in Taiwan remained stable on good demand. Price assessment for US origin HMS (80:20) stood at USD 330-335/MT, CFR, stable against last week. Buyers continued to resist high offers from suppliers.