South Korea’s Hyundai Steel skips Japanese scrap bids, books bulk cargo - South Korea’s leading EAF steelmaker - Hyundai Steel has suspended its bids for all grade of Japanese scrap for almost three consecutive weeks amid sufficient inventories and ample numbers of contracts in hand. Hyundai Steel seems not interested to accept the price expectations from Japanese scrap suppliers which have moved up due to rising domestic scrap prices in major regions like Kanto and Gulf in Japan.

However, the steelmaker has recently concluded a contract for USA origin in bulk vessel comprising 48,000 MT of HMS 1 scrap at USD 349/MT, CFR South Korea. It is mostly because of expensive Japanese scrap offers as compared to USA scrap prices. According to sources, this contract may also result in preventing the continuously rising Japanese scrap prices.

Turkish scrap prices fell sharply amid dull finished steel demand - In a deal concluded on 01 Aug, a steel mill in Marmara region booked a European cargo, comprising 20,000 MT of HMS 1&2 (75:25), 12,500 MT of Bonus and 2,500 MT of New cuttings at an average price of USD 328.5/MT, CFR Turkey.

According to SteelMint’s assessment, this deal has pulled the price assessment down for USA origin HMS (80:20) scrap at around USD 330/MT, CFR Turkey, which has come down by USD 5/MT as against the report of USD 335/MT, CFR towards the closing of the last week.

China’s Shagang Steel hike scrap purchase price - One of the largest ferrous scrap consumers in east China, Shagang Jiangsu Steel group has raised its domestic scrap purchase prices on 02 Aug by Chinese Yuan (RMB) 100/MT. After witnessing price hike of RMB 80/MT on 30th Jul’18, the company has raised its prices further amid tightening supply-demand for finish steel in spot as well as export markets.

As per latest reports, Shagang is now paying RMB 2,440/MT inclusive of 17% VAT for HMS (6-10 mm in thickness) delivered to its headquarter works situated in Zhangjiagang province in China, up RMB 100/MT as against the last report of RMB 2,340/MT.

Indian imported scrap market remains silent - Indian imported scrap prices remain almost stabilized during this week. Although buying enquiries made at slightly lower levels by USD 5-10/MT, sellers were not much interested to offer below their expectations. Sentiments are likely to turn positive in upcoming 10 days with improving demand. However, domestic scrap despite slight moving up of prices remains cheaper over imported.

Price assessment of UK and USA origin containerized Shredded scrap stands at around USD 360-365/MT, CFR Nhava Sheva. On W-o-W basis, HMS 1&2 offers have inched down following global trend. Offers from UAE for HMS 1&2 (80:20) heard at USD 330-335/MT and for HMS 1 at around USD 335-340/MT, CFR.

Bangladesh imported scrap prices move down - In recent trade deals, Shredded 211 scrap from the UK sold in containers in the range of USD 369-372/MT, CFR Chittagong. A steelmaker booked 2000 MT of Shredded scrap at USD 371/MT from UK supplier. Buyers bidding for Shredded 211 scrap from UK and Brazil stand at USD 370/MT levels. Last week price levels were at USD 368-375/MT, CFR Chittagong.

In line with this, HMS 1 from South Africa sold at USD 355-356/MT, CFR levels and HMS 1&2 (80:20) offers to remain in the range of USD 340-350/MT depending on various origins like Chile, UK, and Europe which has remained almost stable as against report last week.

Major yards keep offers unchanged to Pakistan, few deals heard at lowered prices - Offers for containerized Shredded scrap from recyclers in USA and UK remain almost stable on W-o-W at USD 363-365/MT, CFR Qasim. HMS 1 from UAE assessed at around USD 345/MT, CFR Qasim. In the recent deals concluded, limited quantity Shredded 211 scrap heard to have sold at USD 355-357/MT levels for prompt delivery. While one of the leading steelmakers in Pakistan has booked Shredded in containers from UK supplier at USD 359/MT, CFR Qasim yesterday. HMS 1&2 from South Africa traded at around USD 345-347MT, CFR.