Weekly round-up: Global scrap prices exhibit mixed trends

• Turkey's scrap prices at 3-month high: Turkey's imported scrap prices saw a significant rise after two months. Current scrap prices are at a three-month high level. Buyers actively bought fresh deep-sea scrap cargoes in the last few days. Import prices increased amidst improved demand and scant inventory. Additionally, the Turkish domestic market also hit the roof as demand for billets and long steel products remained high.
  
  

A Baltic-origin scrap cargo containing 21,000 t of HMS 1&2 (80:20) was booked at $487/tonne (t) CFR, while 4,000 t of shredded scrap was booked at $507/t CFR.
SteelMint's assessment for US-origin HMS 1&2 (80:20) stood at $480/t CFR Turkey, up by $30/t w-o-w.

• Bids at Japan Kanto scrap tender shoot up by $61/t: Japan's bellwether monthly Kanto Tetsugen ferrous scrap export tender for Oct'21 was concluded this week. A total of 11,000 t of Japanese H2 scrap was awarded at an average price of JPY 53,213/t ($470) FAS. The average bid rose by JPY 6,953/t ($61/t) m-o-m. Bids were higher than prevailing market prices. Thus, it is highly expected that Japanese scrap export prices may rise further after the tender.
  
  

• Hyundai Steel's bids for Japanese scrap rise sharply: Hyundai Steel increased bids for Japanese ferrous scrap this week. Bids went up by JPY 5,500/t ($48/t) for premium Shindachi bara scrap and JPY 8,500 ($75/t) for H2 grade scrap compared to the last bid on 13 Sept'21. Bids rose in line with a hike in export offers by Japanese suppliers following a surge in Kanto tender bids.
  
  
  
• Imported Russian scrap prices into South Korea rise: South Korean steelmaker Dongkuk Steel booked 27,000 t of Russian A3 scrap cargo. The deal was finalised at $534/t on CFR basis. Prices were up sharply by $51/t against the previous deal concluded on 30 Sept'21. This sharp hike in Russian scrap prices was backed by rising steel scrap prices in East Asia, largely from Japan, as per Steel Daily reports.
  
  

• Vietnam's imported scrap trade active on enhanced buying: Vietnam's imported scrap market regained momentum in terms of trade inquiries and prices with the easing of lockdown measures. The easing of Covid-19 lockdown restrictions in the country from the beginning of this month resulted in improved buying enquiries. SteelMint's assessment for Japanese bulk H2 moved up by $20-25/t w-o-w to around $530/t CFR Vietnam.
  
  
• Shagang Steel hikes scrap purchase prices by $15/t: China's Shagang Steel announced the first hike in scrap procurement prices by RMB 100/t ($15) for all grades this week, effective from 12 Oct. After the recent revision, price for HMS (6-10 mm) stood at RMB 3,860/t ($598), including 13% VAT, delivered to headquarters.
  
  

• Bangladeshi imported bulk scrap trade slows down: Bangladesh-based scrap buyers and steelmakers remained cautious in booking fresh slots this week. Increasing container scarcity and festive mood stayed the key reasons behind the slowdown in market activities. However, trade participants were waiting for clearer market directions due to sluggish domestic demand. SteelMint's assessment for UK-origin shredded was being quoted at $560-565/t CFR Chittagong, up by $5/t w-o-w.
  
  

Bangladeshi bulk scrap buyers continued to remain quiet this week while after the conclusion of the Japan's Kanto tender at the beginning of this week, offers for H2 scrap increased further.

1. Offers for US-origin HMS bulk scrap stood at $560/t CFR Chittagong, an increase of $20/t w-o-w.

2. No firm bulk Japanese H2 scrap offers were heard but price indications stood at $580/t CFR Chittagong, an increase of $10/t CFR Chittagong.

• Pakistan's imported scrap prices up on active trade: Pakistan's mills saw active buying interest this week. On the other hand, increasing offers were not feasible for many steel makers, hence, buyers shifted to local scrap. Imported scrap prices are likely to stay on the upper side. However, market players will probably remain energetic in the coming days due to increasing demand in the peak season.
  
  

SteelMint's bi-weekly assessment for shredded scrap of UK/EU-origin stood at $545-550/t CFR Port Qasim, up $15-20/t compared to prices seen in the beginning of this week.

• India's imported scrap prices increase in fresh deals: Imported scrap offers into India continued to rise on bullish sentiments due to active demand and rising scrap prices in Turkey. Sponge iron prices increased on the back of steeply rising coal prices. However, steelmakers stayed active in replenishing scrap from the overseas market.
  
  

As per SteelMint's bi-weekly assessment, shredded from UK/EU was being offered at $545-550/t CFR Nhava Sheva levels, up considerably by $10-20/t w-o-w.