Weekly: Scrap prices hit north as global steel demand hits a sweet spot
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- Shagang Steel hikes scrap purchase price by RMB 100/t
- Turkey's imported scrap prices hits a one-month high
- Tokyo Steel raises prices thrice this week
- Turkey's imported scrap price up by $35 in recent deals - Imported scrap price in Turkey have hit a one-month high in recent deals concluded from various origins. Most of the suppliers are holding back offers and buyers expect return to record January price levels. SteelMint's assessment for US-origin HMS 1&2 (80:20) now stands at $453/t CFR Turkey, up by $35/t as compared to the mid of the last week.
- Japan's Tokyo Steel raised scrap purchase prices thrice this week - Japan's leading EAF mill - Tokyo Steel has announced its scrap purchase price hike thrice this week for all five plants by up to JPY 1,000/t ($9), effective from 27th Feb'21. After yesterday's revision, the company is paying JPY 41,000/t ($386) for both H2 scrap delivered at Tahara and Utsunomiya works. Prices at its Tahara works in Central Japan have climbed to a one-month high.
- Japanese scrap export prices move up, as mills raise bids - Japanese scrap export prices surged further and hit a one-month high. Hike in global scrap prices and demand-supply mismatch in Japanese scrap market has pushed scrap offers up. Offers have moved up significantly post CNY holidays last week.
South Korea-based Daehan Steel mill has raised its bids for Japanese scrap purchase by JPY 2,000/t ($19) as compared to last week's bid made by Hyundai Steel. SteelMint's assessment for Japanese H2 scrap export stands at JPY 43,000/t ($405) FoB, up by JPY 2,700/t ($25) w-o-w. - Japanese bulk scrap offers for Vietnam rally further - Imported bulk Japanese scrap offers to Vietnam have risen by $20-25/t compared to the offers assessed towards the beginning of this week. Currently, the H2 offers are at $460-465/t CFR Vietnam. However, trades have slightly slowed down due to the sharp hike in offers.
- India's imported scrap offers rise further; trades pick up - Imported scrap prices in India too surged significantly on the back of hike in global scrap prices. However, Indian mills remained slow, since past one month, in booking fresh slots for March shipments. Most of the buyers are purchasing local scrap as it's cheaper than imported scrap. SteelMint's assessment for containerised shredded of UK/US origin stands at $465-475/t CFR Nhava Sheva level, registering an increase by $20/t w-o-w.
- Buyers turn cautious in Bangladesh - With the recent hike in imported scrap prices, Bangladesh's domestic rebar offers have also moved north. Both bulk and containerised scrap prices have moved up significantly by $30-35/t w-o-w. However, deals have slowed down on high offers as the gap between offers and bids has widened. Bulk scrap offers to Bangladesh have surged by $35-40/t w-o-w. Japanese H2 now stands at $465-470/t CFR level. SteelMint's assessment for shredded in container now stands at $485/t CFR Chittagong, registering a sharp hike of $20/t w-o-w.
- Pakistan scrap import price spikes by $25 w-o-w - Imported scrap offers to Pakistan have moved up further. However, trades remain muted as people are hesitant in the current volatile market. Buyers are not purchasing extra stocks, for the time being. SteelMint's assessment for the UK/EU origin containerised Shredded now stands at $468/t CFR levels, increasing significantly by over $15/t w-o-w.
- Shagang Steel raised scrap purchase price sharply on global cues - Eastern China's largest EAF steelmaker- Shagang Steel has hiked its scrap purchase price by RMB 100/t ($15.5) for all grades. The purchase price for HMS (6-10 mm) now stands at RMB 3,290/t ($508) inclusive of 13% VAT, delivered to headquarters works at Zhangjiagang North of Shanghai in China. Notably, this is the company's first price revision in Feb'21 and prices have hit a four-year high since Oct'17, as per data maintained with SteelMint.
