The week that was: Global ferrous scrap market overview
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- Turkey's imported scrap price falls to over one-month low
- Hyundai Steel lowered bids for Japanese scrap up to $24
- Tokyo Steel scrap purchase price for Utsunomiya falls to a one-month low
- Turkey's imported scrap prices crash to over one-month low in a recent deal -Turkey mills continued to hold back from buying activity in order to cut scrap prices. Traders are showing an urgency to sell their cargo at the earliest before prices slide further. In the current negative market sentiments, buyers are waiting for further price corrections. Few deals have been concluded recently from Baltic region at lower levels. SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $438/t CFR Turkey, witnessing a drop of over $40/t as compared to the mid of last week.
- Japanese scrap export prices fall throughout this week - Export offers for Japanese scrap have dropped significantly this week due to slow trade activities. Bulk Japanese H2 scrap offers for Vietnam and Bangladesh have dropped measurably by $15-20/t in a week's time. Currently, the offers are at $420-425/t and $470/t CFR basis respectively. However, the buyers have observed mixed sentiments. SteelMint's price assessment for Japanese H2 scrap export stands at JPY 41,000/t FoB, down by JPY 2,500/t ($24) w-o-w.
- Hyundai Steel lowers bid price up to JPY 2,500/t for Japanese scrap - Hyundai Steel has reduced its bid price up to JPY 2,500/t ($24) for Japanese scrap purchase this week. In latest bids, the price for Japanese H2 scrap was set at JPY 39,500/t ($380) FoB level. However, deals were not reported at these levels.
- Tokyo Steel slashes scrap purchase price up to JPY 4,000/t ($38) w-o-w - Japan's leading EAF mill - Tokyo Steel has announced scrap purchase price cut for all five works up to JPY 4,000/t ($38) this week. Currently, the company is paying a price of JPY 42,000/t ($404) for H2-scrap delivered at Tahara plant and JPY 38,000/t ($366) for Utsunomiya plant, effective from today. Notably, the scrap purchase price in Utsunomiya has hit a one-month low in the latest revision.
- India's imported scrap market remains silent on limited bids - Imported scrap prices to India fell sharply this week with Indian buyers continuing to wait as sentiments remained bearish in the international market. Traders having material in the high seas were trying to push out sales at slightly lower prices. Other market participants are of the view that after budget, prices may find some clarity. SteelMint's assessment for containerised shredded stands at $437/t CFR Nhava Sheva level, down by $50/t w-o-w.
- Imported scrap demand slows in Bangladesh, prices fall - Bangladesh mills have adopted a wait-and-watch approach after booking four bulk scrap cargoes last week for Feb'21 shipments. Containerised imported scrap prices have dropped significantly by $40/t over the week as mid-sized mills are waiting for further price correction.
- Pakistan's imported scrap prices fall by $45/t w-o-w - A downturn in imported scrap prices has started since last week due to fall in Turkey prices. Most of the market players kept themselves away anticipating a further fall in prices. Major buyers in Karachi region have already booked sufficient scrap earlier, as finished market remained comparatively supportive in Karachi region. Buyers are cautious at the moment and are thinking that offers would fall further in the coming days. SteelMint's assessment for the UK origin stands at $430/t CFR levels, drop by $45/t against last week.
- Shagang Steel's scrap purchase price unchanged this week - Eastern China's largest EAF steelmaker- Shagang Steel has kept its scrap purchase price untouched this week for all grades. The purchase price of HMS (6-10 mm) thickness stood at RMB 3,250/t ($501), inclusive of 13% VAT delivered to headquarters at Zhangjiagang North of Shanghai.
