Weekly round-up: Global ferrous scrap offers rebound this week

• The global ferrous scrap market witnessed an uptrend this week as Turkish buyers turned active.
  
  
• South Asia imported scrap offers up on increasing trade.
  
  
• Shagang and Tokyo Steel lower their scrap prices.
  
  
• Vietnamese mills remain silent on slow finished steel market.
  
  
• Turkiye prices rebound after hitting 2-years low: Turkiye's imported scrap prices have rebounded this week after hitting a two-year low after steelmakers actively booked scrap from Europe, the US, and Baltic regions. Around three-four cargoes were booked by the Turkish mills throughout the week. SteelMint's price assessment for US-origin HMS 1&2 (80:20) is at $365/t CFR basis, registering a sharp hike of over $40/t w-o-w.
  
  
• Japan's scrap export offers down: The Japanese scrap export market slowed down, owing to absence of firm bids from overseas buyers. However, offers continued to decline further to four-month lows. In the absence of overseas bids, major mills are likely to sell their material in the domestic market.
  
  

SteelMint's assessment for Japanese H2 scrap export prices stands at JPY 48,500/t ($358/t) FOB, down JPY 2,000/t ($14/t) w-o-w.

• Vietnam imported scrap prices remain under pressure: Vietnam's steel mills and scrap buyers were mostly quiet this week, as import offers continued to fall further. Dull demand from domestic and overseas buyers for semi-finished and finished steel slowed down the scrap trade. Meanwhile, heavy rainfall in many parts of the country led to slow construction activities.
  
  

Japanese bulk H2 scrap was being offered at $400/t CFR levels, down $5/t w-o-w.

• Tokyo Steel lowers domestic scrap purchase price: Tokyo Steel, Japan's largest EAF steelmaker, has lowered scrap purchase prices four time this week. The company has slashed bids by up to JPY 2,000/t ($14/t). After the fourth revision, bid prices for H2 scrap are at JPY 53,000/t ($393/t) delivered to Tahara, while Utsunomiya plants prices are at JPY 51,000/t ($377/t).
  
  
• Shagang Steel scrap prices unchanged this week: China's Shagang Jiangsu Steel scrap procurement prices remained unchanged for all grades. Currently, prices of HMS (6-10mm) are at RMB 3,400/t ($507/t) delivered to headquarters, including 13% VAT.
  
  
• Bangladeshi mills slow down scrap purchases in off-season: With limited end-user buying interest amid slow construction activities, and heavy rainfall in many parts of Bangladesh, secondary mills are still not ready to accept high offers. Meanwhile, the disparity in bids and offers was the key reason that pushed container cargo to the sidelines.
  
  

Meanwhile, mills have booked sufficient bulk cargoes for July, and August deliveries. Bulk scrap prices have fallen by around $100/t since the beginning of June.

Fresh offers for UK-origin shredded are at $480-485/t CFR levels, up by $26/t w-o-w.

• Pakistani mills' demand up ahead of Eid: Imported scrap offers into Pakistan moved up sharply this week after hovering at around a 16-month low till last week. However, recent deals were heard at high offers. Market participants believe that offers may climb further after the Eid holidays, which led to buyers becoming active in booking fresh slots at high offers.
  
  

Fresh offers for the same are being heard at $450/t CFR, up by around $25/t w-o-w.

• India continue to book imported scrap materials: With a recent deal concluded in Turkiye at high prices, the global scrap market gained momentum in India. Imported prices rose due to the limited availability of scrap domestically which resulted active booking in containerized and bulk ferrous scrap.
  
  

SteelMint's assessment of Europe-origin shredded scrap prices stood at $455/t CFR Nhava Sheva, down by $20-25/t w-o-w.