Hyundai Steel raises bid for high Japanese scrap by USD 9/MT - South Korea’s leading EAF steelmaker - Hyundai Steel has hiked bids for medium & high grades of Japanese scrap by JPY 1000/MT and kept H2 scrap bids unchanged. H2 bid assessed stable at Japanese Yen 33,000/MT (USD 298) FoB Japan since last three weeks. Bids for medium grade scrap like HS and Shredded increased to JPY 38,000/MT (USD 344) and for high-grade scrap Shindachi Daichibara (SB) at JPY 41,000/MT (USD 371), FoB Japan. Price gap widened to JPY 8,000/MT between SB and H2 grade.
South Korean steel mills raise domestic scrap prices - South Korean domestic scrap prices have turned upward amid improving demand and falling scrap inventories from leading steelmakers. Recently, steelmakers like Hyundai, Dongkuk, Welcome, YK and Korea Steel have hiked domestic scrap purchase prices by KRW 5,000-15,000/MT (USD 5-13).
Japan’s scrap export offers move up, domestic scrap prices at standstill – On increasing demand from major importers, Japanese sellers have turned active. Average H2 scrap export offers from suppliers assessed in the range of JPY 33,500-34,500/MT, FoB for Kanto and Kansai regions in Japan.
Japan`s leading EAF mini-mill - Tokyo Steel fetches H2 scrap at JPY 35,500/MT (USD 321) for Utsunomiya and JPY 35,000/MT at Tahara works. While according to price indices reported by Japan Iron and Steel Association, the average price index for H2 scrap stood at JPY 33,000/MT (USD 298) down by JPY 100/MT on W-o-W basis. For Kanto region, H2 assessed at JPY 33,800/MT (down JPY 600/MT W-o-W) and for central region price index assessed at JPY 31,700/MT (stable W-o-W).
Turkish steel mills silent over weak finish steel markets - After observing few deals last week, Turkish market has turned silent for August shipments awaiting finish steel demand to improve in both export and domestic markets. Sharply fallen demand across key markets could have pulled suppliers under pressure and offers have corrected by USD 2-3/MT W-o-W.
According to SteelMint’s assessment, price assessment for USA origin HMS (80:20) scrap stood at around USD 351-353/MT, CFR Turkey against USD 353-355/MT last week. Most of the steel mills remain optimistic about improvement of finish steel demand from USA and East Asian importers and strengthening of currency in upcoming days.
Indian imported scrap offers edged down; domestic scrap prices plunge further – Indian imported scrap market remained subdued for yet another week over declining domestic scrap prices which made steel mills to prefer it over costlier imported scrap along with fluctuating currency and heavy monsoon as the major concerns. Also sharp decline in semi-finished and finished steel prices resulted in bearish market sentiments.
Due to dull demand in the global market, offers have come down by USD 5-7/MT on W-o-W basis however hardly any trade deals have confirmed. UK and USA origin containerized Shredded scrap is being offered at USD 377-382/MT, CFR. Offers for HMS 1&2 (80:20) from UAE stood at USD 350-355/MT while HMS 1 assessed at around USD 355-360/MT, CFR. West African HMS scrap assessed at USD 330-340/MT, CFR Nhava Sheva.
Domestic scrap prices have plunged by about INR 2500-3000/MT (USD 36-44) in last 3-4 weeks as against imported, on falling demand in domestic finish steel and billet markets. Today HMS 1&2 (80:20) assessed at basic prices of INR 24,700-24,800/MT (down INR 300-400 W-o-W) in Mumbai, while INR 23,900-24,100/MT (down INR 900 W-o-W) in Chennai, GST @ 18% extra.
Taiwan scrap importers remain active; prices move up - Imported scrap prices in Taiwan moved up USD 3-5/MT W-o-W on firm demand from buyers. Price assessment for US origin HMS (80:20) stood at USD 335-340/MT, CFR. Offers from US suppliers stood around USD 340-345/MT, CFR.
Pakistan imported scrap prices fell in recent deals – In the beginning of the week, few deals sold for Shredded scrap at USD 385-387/MT, CFR Qasim but towards its closing, a deal for Europe origin 2000 MT Shredded 211 in containers heard at around USD 375/MT and HMS 1 from UAE sold at around USD 350/MT, CFR Qasim however, confirmation from buyers has not received yet. Few participants remain waiting on increased electricity tariffs and anxiety about currency devaluation amid upcoming national elections. Domestic rebar, billets and scrap prices moved up further by PKR 500-1000/MT W-o-W.
Bangladesh importers resumed scrap bookings this week – In recent trade deals, Shredded 211 scrap from USA and UK sold in the range of USD 390-393/MT, CFR Chittagong. SteelMint`s price assessment has edged down on W-o-W basis but buying interest has improved against last week. Domestic markets remain flat W-o-W.
P&S scrap sold at USD 392-395/MT, CFR from Brazil while offers from Australia, Canada and USA origin HMS 1 assessed in the range of USD 380-383/MT, CFR Chittagong. HMS 1&2 (80:20) from West Africa, UK and Brazil sold in small quantities at around USD 360-365/MT, CFR