Weekly round-up: Global ferrous scrap market shows mixed sentiments

• Turkey imported scrap prices range-bound: Imported scrap prices into Turkey remained range-bound on a w-o-w basis. A US-origin cargo containing 14,000 tonnes (t) of HMS 1&2 (80:20) was traded at $500/t CFR and 30,000 t of shredded scrap was booked at $520/t CFR by a West Marmara-based steel mill. SteelMint's assessment for US-origin HMS 1&2 (80:20) stood at $500/t CFR Turkey.
  
  
• Japanese Kanto scrap export tender inconclusive on falling bids: Japan's monthly Kanto scrap export tender for Nov'21 was conducted this week. The average bid price for H2 scrap stood at JPY 51,124/t ($453/t) FAS, a drop of JPY 2,089/t ($19/t) m-o-m. Notably, this month, the tender remained inconclusive with no deals closed as bids received were lower compared to the prices last month which were a multi-year high.
  
  
• Tokyo Steel cuts scrap procurement prices twice this week: Japan's leading steel producer, Tokyo Steel, lowered scrap purchase bids twice this week. In its last revision, the company cut prices by JPY 500/t ($4) for all its plants, effective from 13 Nov'21. After the revision, the company's bid price for H2 scrap stood at JPY 56,000/t ($492/t) for the Tahara steelworks, and JPY 55,000/t ($483/t) for the Utsunomiya works.
  
  

Prices in JPY
Source: Tokyo Steel

• Hyundai Steel lowers bids for Russian scrap: South Korean steel major, Hyundai Steel, lowered bids for Russian ferrous scrap, as per SteelDaily reports. Prices of Russian A3 scrap are now at $515/t CFR, down by $34/t compared to a deal concluded towards end-Oct'21 by Dongkuk Steel. Hyundai Steel lowered bids amidst the global decline in scrap prices, SteelMint notes.
  
  
• SeAH Besteel cuts bids for Japanese scrap: South Korea-based SeAH Besteel lowered its bids for Japanese ferrous scrap, as per latest reports. The company's contract price for shredded scrap now stands at JPY 61,000/t CFR ($535/t), while the contract price for H2 grade material is at JPY 50,500/t FOB ($443/t).
  
  
• Vietnam's imported scrap trade slows down: Imported scrap prices into Vietnam cooled off after seeing a sharp rally. The fall in prices was due to variations in bids and offers which made buyers cautious. Market participants seem to be waiting for clear price directions. SteelMint's assessment for Japanese bulk H2 stood at $515/t CFR, down by $35-40/t w-o-w.
  
  
• Shagang lowers scrap procurement prices further: The leading Chinese steelmaker, Shagang Jiangsu Steel, announced further reduction in its scrap procurement prices for all the different grades by RMB 50/t ($8) for Nov'21 deliveries. After the revision, price of HMS (6-10mm) stood at RMB 3,420/t ($536/t), including 13% VAT.
  
  

Prices fell to 7-months low while scrap demand of mills remained affected due to steel production curbs and a weak outlook.

• Bangladeshi mill books bulk scrap cargo from EU: A leading mill in Bangladesh booked a bulk vessel carrying 35,000 t of EU-origin HMS (80:20) for Dec'21 shipments, SteelMint learnt from sources. The deal was concluded at $560/t, CFR Chittagong. Earlier, a cargo was booked from the EU in end-October at around $565-570/t CFR. Due to limited bulk offers from Japan and the US, mills are turning to EU-origin cargoes.
  
  

SteelMint's daily assessment for UK-origin shredded in containers was at $585/t CFR Chittagong levels, up by $5/t w-o-w.

• Pakistan-based mills' winter restocking keeps prices supported: Major mills in Pakistan started replenishing scrap cargoes with the winter season approaching which is favorable for construction activities. The mills will likely continue booking fresh slots for Dec'21 shipments despite high offers.
  
  

SteelMint's daily assessment for shredded scrap of UK/EU-origin stood at $562/t CFR Port Qasim, largely stable w-o-w.

• India's imported scrap market silent on bid-offer disparities: The imported scrap market stayed slow for the second successive week. The market was mostly quiet and no activities were recorded due to weak sentiments. Meanwhile, limited scrap offers were available, as major suppliers were more interested in catering to the neighboring countries like Pakistan. As per SteelMint's daily assessment, shredded stood at $563/t, mostly stable w-o-w.