Weekly: Global ferrous scrap market overview
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- Turkish imported scrap prices hit $350 mark; 2.5 years high
- Pakistan remained active in imported scrap bookings than other Asian countries
- China's Shagang Steel raised scrap purchase price by RMB 50
- Japanese scrap export offers increased sharply by $1,500/t w-o-w on active buying from Vietnam
- Turkish imported scrap prices rise by $30 w-o-w - Imported scrap prices to Turkey have climbed further with nearly nine bookings confirmed this week. A steel mill in the Izmir region booked a Baltic cargo, comprising 25,000 t of HMS 1&2 (80:20) at $350.50/t and 7,000 t of bonus scrap at $360.50/t CFR level. Buyers aggressively booked bulk scrap cargoes from various origins Jan'21 shipments. The US is not in the market in December shipment as demand is strong from the other countries. SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $350/t CFR Turkey, up by $15/t w-o-w. Prices are hovering close to 2.5 years high as similar levels were last seen in Apr'18.
- Imported scrap prices to India climbed at 2.5 years high -The Indian market remained less active as buyers are not aggressively booking cargoes and preferred domestic scrap over imported. Global market seems strong as Turkey has continuously raised scrap prices in the recent deep-sea cargo bookings made. Continuous decline in billet and finished steel output, drop sponge iron prices. SteelMint's assessment for Shredded scrap in containers of UK/EU origin stands at $369/t CFR Nhava Sheva, rising significantly by $10/t against the end of last week.
- Bangladesh mills raise rebar offers on growing imported scrap price - Imported scrap prices in Bangladesh witnessed a sharp rise over the week due to supply tightness with low scrap generation in key export regions along with limited container availability. Local mills have raised their rebar list prices due to price rally in imported scrap as domestic market sentiments improved w-o-w, with limited bulk offers for Japanese scrap rose yesterday. SteelMint's assessment of containerized shredded 211 scrap from UK/Europe origins stands at $383/t CFR Chittagong, up by $10/t w-o-w.
- Pakistan imported scrap prices up by $12 w-o-w - Imported scrap prices to Pakistan have jumped as there is a huge shortage of material as well as logistical issues related to poor availability of containers and rapidly rising freight rates. Prices have climbed nearly two-year high. SteelMint's assessment for imported shredded 211 scrap in containers from UK/Europe stands at $368/t CFR Qasim, up by $15/t w-o-w.
- Tokyo Steel lift bids twice for domestic scrap this week - Japan's leading EAF mill- Tokyo Steel has raised its scrap purchase price by JPY 1,000/t ($10) for Utsunomiya works situated in the Kanto region. The company would now pay JPY 28,500/t ($274) for H2-scrap delivered to the Utsunomiya plant, effective from today. This is the company's second price revision made this week. On 24th Nov'20, it announced a price hike for scrap purchase by JPY 1,000/t ($10) for Tahara and JPY 500/t ($5) for Okayama works.
- South Korean mills remain less active throughout the week - South Korean mills have remained less active in booking Japanese scrap due to enough inventories of domestic scrap. Also, few market participants reported that Korean mills have booked Russian scrap this week. Scrap supply tightness and continued purchasing of billets by China have continued to drive Vietnamese import prices up this week. SteelMint's assessment for Japanese scrap export offers stands at JPY 32,500/t FoB, sharply up by JPY 1,500/t w-o-w.
- Shagang Group hike scrap purchase price on firm demand - Eastern China's largest EAF steelmaker- Shagang Steel has increased its scrap purchase price by RMB 50/t ($8) for all grades on 25th Nov'20. The purchase price for HMS (6-10 mm) now stands at RMB 2,940/t ($448), inclusive of 13% VAT, delivered to headquarters works at Zhangjiagang North of Shanghai in China. Prices are hovering at over three-years high, as per data maintained with SteelMint.
