Insight Details
Weekly: Global ferrous scrap market overview
Melting Scrap
178 Reads
17 Oct 2020, 16:13 IST
Steel Mint Insights

Global ferrous scrap market regained momentum. Turkish mills resumed deep-sea cargo bookings at increased price. Following this trade picked up in South Asian markets as well. However, domestic scrap prices in Japan and China remained unchanged this week. South Korean mills lowered bids for Japanese scrap.

  • Turkish mills resumed deep sea scrap bookings actively -Turkish steel mills have actively resumed deep-sea scrap bookings this week. Buyers may book fresh cargoes for November shipments as increased in finished steel demand. Many USA suppliers are holding back offers at $290/t CFR levels. SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $288/t CFR Turkey.

  • Imported scrap trades in India improve -Imported scrap prices to India have remained largely stable on a weekly basis. Scrap suppliers expect imported scrap offers may inch up in the coming week on improved inquiries. SteelMint's assessment for Shredded scrap in containers of UK origin stands at $310/t CFR Nhava Sheva, up by $1/t w-o-w.

  • Pakistan imported scrap prices up - Pakistani demand for shredded scrap is still strong as buyers remained active in the imported scrap market with decent trades being concluded in the last one week. SteelMint's assessment for imported Shredded 211 scrap in containers from UK/Europe stands at $312/t CFR Qasim, up by $4/t w-o-w.

  • Bangladesh mill books bulk scrap cargo -Imported scrap prices range bound bookings likely to improve. Bangladesh based steel mill has booked a bulk scrap cargo from Australia recently, sources reported SteelMint. The cargo booked comprises of 27,000 t HMS (80:20) at $313-314/t CFR Chittagong for Nov'20 shipments. SteelMint's assessment of containerized shredded 211 scrap from UK/Europe origins stands at $320/t CFR Chittagong, stable w-o-w.

  • Tokyo Steel's domestic scrap prices unchanged since mid Sep'20 -Japan's leading EAF mini mill- Tokyo Steel has currently paying JPY 27,000/t ($256) for H2 scrap delivered at its Tahara plant in Central Japan and JPY 26,000/t ($246) in Utsunomiya plant (Kanto region). Sources claim that Tokyo Steel's scrap purchase price in the Kanto region was already quite lower than export offers, hence the company has kept the prices unchanged.

  • South Korean mills lowered bids for Japanese scrap -Hyundai Steel lowered bids for Japanese H2 scrap by JPY 1,000-1,500/t ($10-15/t) as compared to last bid on 24th Sep'20. The current bid for H2 stands at JPY 26,000/t FoB and HS grade is set at 29,500/t FoB. Another Korean giant, Dongkuk Steel has bid for H2 scrap at JPY 26,500/t FoB company has booked two cargoes at the bid price earlier this week, as per SteelDaily. After Kanto tender, Japanese suppliers resisted to reduce their offer price. Meanwhile, Hyundai Steel's demand is not that much for Japanese scrap, due to its Incheon plant being under maintenance, witnessing a balance between demand and supply.

SteelMint's assessment for Japanese scrap export stands at JPY 27,000/t ($256) FoB Japan, down by JPY 500/t w-o-w.

  • China's Shagang Steel scrap purchase price remain stable this week -Eastern China's Shagang group - has kept its domestic scrap purchase price unchanged this week and stood at RMB 80/t ($12) for all grades. The purchase price of HMS (6-10 mm) thickness has declined to RMB 2,720/t ($406), inclusive of 13% VAT delivered to headquarters works at Zhangjiagang North of Shanghai in China.

 

17 Oct 2020, 16:13 IST

 

 

You are allowed to view 0 out of 2 insights. To view more insights, Register to Steelmint
;