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SE Asia: Imported scrap trades to pick up on strong steel demand

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Melting Scrap

BigMint Bureau

866 Reads

16 Nov 2020, 19:07 IST

SE Asia: Imported scrap trades to pick up on strong steel demand

South East Asian markets have witnessed steep hike in offers tracking global trend, sources have reported SteelMint. Offers have jumped upto $15/t w-o-w.

Imported scrap offers for Vietnam surge after Kanto tender - Prices for scrap cargoes imported to Vietnam jumped this week amid a sharp increase in the Japanese market. Recovering demand for Vietnamese billet from China and higher offers for Japanese H2 scrap prices after Kanto Tetsugen boosted scrap prices in Vietnam have supported price hike.

Offers for Japanese bulk H2 currently stands at $330/t CFR level, up by $10/t w-o-w
US origin bulk HMS 1&2 (80:20) was heard being offered at $320/t CFR Vietnam last week. However further uptick in offers is expected considering active Turkish buying
SteelMint's assessment for Japanese bulk H2 stands at $328/t, CFR Vietnam level and assessment for US origin HMS 1&2 (80:20) stands at $320/t CFR level.

Imported scrap inquiries in Indonesia remain strong - Imported scrap prices to Indonesia increased throughout last week on improved demand. Indicative prices have moved up by $10-15/t w-o-w.

PNS in 20ft container: $328-332/t CFR Jakarta
Busheling in 20ft container: $338-340/t CFR Jakarta
Shredded 211: $320/t CFR Jakarta
Blue Steel: $335-340/t CFR Jakarta

Indonesia scrap imports up by 50% in Sep'20 - Indonesia - an emerging ferrous scrap market, witnessed a sharp growth in its scrap imports by 50% in Sep'20 on active trade activities. The country imported 0.18 mn t in Sep'20 as compared to 0.12 mn t a month ago. Australia remained the largest scrap supplier to Indonesia recorded 0.06 mn t in Sep'20, as per customs data maintained with SteelMint.

Offers for imported scrap & billet in Thailand up further - Thailand's imported scrap offers have moved up but no trades were reported last week due to disparity in bids & offers.

American origin HMS 1&2 (80:20) was quoted at around $295-300/t CFR level, up by $10-15/t w-o-w
Billet import offers in the country seen at $470-475/t, CFR, up by $15-20/t w-o-w

Outlook - The offers are expected to increase because of the shortage of the material supply as many countries have reinstated the lock down status, sources have reported to SteelMint.