Weekly round-up: Global ferrous scrap prices rise on positive sentiments

Imported scrap sentiments in Turkey improved after higher-priced deals by steel mills for March loading were concluded this week. Following the trend, South Asian countries also witnessed a rise in imported prices in the recent trade. On the other hand, Japan's scrap export market was silent awaiting the bellwether monthly Kanto Tetsugen tender which is scheduled for 9 Feb'22.

• Turkey's imported scrap prices rise: Turkish deep-sea ferrous scrap import prices rose sharply in recent deals concluded from the EU, Venezuela and Russia. Sentiments in the imported market improved following these deals. Prices are likely to go up further in the near term. A Venezuela-origin cargo comprising HMS 1/2 (80:20) was booked at $497/t CFR Turkey. SteelMint's assessment of US-origin HMS 1 & 2 (80:20) stood at $498/t CFR Turkey, rising by $25-30/t w-o-w.
  
  
• POSCO's bids for Japanese scrap unchanged: POSCO's bids for Japanese ferrous scrap remained unchanged this week. Last bids placed on 28 Jan'22 for HS material were at JPY 64,000/t CFR ($557/t) while bids for shindachi bara were not disclosed. POSCO's bids for HS were at par with those of Hyundai's presented on 27 Jan.
  
  
• Tokyo Steel's scrap purchase prices unchanged: Tokyo Steel's scrap purchase prices remained unchanged since the last revision seen in mid-Jan'22. The company is paying JPY 53,000/t ($466/t) for H2 scrap, delivered to Utsunomiya, while prices for the other plants remained unchanged.
  
  
• Vietnam's imported scrap market silent amidst holidays: SE Asia's leading imported scrap buyer, Vietnam, witnessed a slow-down in buying inquiries due to a week-long Tet festival holidays. Price indications for bulk Japanese H2 were heard at $510/t CFR levels.
  
  

• Bangladesh's containerised imported scrap trade active: Bangladesh's imported scrap trade in containers continued to take place on the back of supportive finished steel prices. Towards the weekend, the news of a couple of bulk bookings from Australia and USA had surfaced but could not be confirmed till the time of publishing this report. Price indications of bulk US HMS are now heard around $560/t, CFR Chittagong levels.
  
  

SteelMint's daily assessment for UK-origin shredded scrap in containers was recorded at $585/t CFR Chittagong, up by $10-15/t on the week.

• Pakistan's imported scrap prices up as deals pick up: Pakistan's imported scrap prices moved up further in a recent deal concluded in the latter half of the week. Domestic sentiments also turned positive and easing weather conditions are likely to support scrap import bookings in the near term. Additionally, recent Turkish deals encouraged suppliers to raise offers. Around 10,500 t of UK/EU-origin shredded scrap in containers was booked at $552-555/t CFR Qasim recently.
  
  

SteelMint's daily assessment of UK/EU-origin shredded scrap stood at $555/t CFR Port Qasim, up by $10/t w-o-w.

• India's imported scrap trade improves: India's imported scrap trade improved in the last few weeks. Buyers turned active in making bookings for Mar'22 deliveries to stock up inventory propped up by supportive domestic semi-finished prices. The price gap between domestic material and imported one also narrowed down which supported import bookings. Offers for Dubai-origin HMS 1 and HMS 1&2 (80:20) were quoted at $500-505/t and $495-500/t CFR levels respectively, up by $5-10/t w-o-w.