Other Elements and Materials

Global Ferrous Scrap Market Overview - Week 41, 2018

Global Ferrous Scrap Market Overview - Week 41, 2018
Mining News Pro - This week observed mixed sentiments as majority of markets reported slight decline in offers, except Japan where domestic prices still continued to remain strong.
  Zoom:

According to Mining News Pro -This week observed mixed sentiments as majority of markets reported slight decline in offers, except Japan where domestic prices still continued to remain strong. Turkish scrap prices remain range bound in recent deals concluded for European and Baltic region cargoes. Japan`s Kanto monthly scrap export tender fetched bid lower than expectations but up USD 4/MT on M-o-M in Oct`18. Indian scrap importers remained cautious on depreciated currency and poor local market fundamentals. Prices in other Asian markets like Pakistan, Bangladesh, Vietnam and Taiwan corrected marginally down on slow demand and minor deals concluded. China’s scrap prices remain unaltered amid slow restart after holidays and production cuts on extreme weather.

Turkish scrap prices correct marginally in recent deals - Turkey scrap importers continue booking European and Baltic origin scrap for Oct-Nov`18 shipments as per urgent requirements. Scrap prices corrected marginally as demand remains slow, also, finish steel prices remained lower side with bearish sentiments. In the recent deal, a European-based merchant sold total 50,000 MT cargo to Marmara based steelmaker consisting of 20,000 MT HMS 1/2 (75:25), 5,000 MT Shredded, 7,000 MT HMS 1, 2000 MT Bushelling and 6,000 MT cut rebar scrap at an average price of USD 325/MT, normalizing the assessment to inch down at USD 326-327/MT CFR. Slightly stronger prices were heard for Baltic region scrap as compared with European scrap.

Japan’s Kanto tender bids up USD 4/MT in Oct`18 - The average bids for ‘Kanto Tetsugen`- monthly ferrous scrap export tender Oct’18 were recorded at JPY 34,900/MT (USD 312), FAS, up by JPY 414/MT (USD 4) M-o-M as against the average bids fetched at JPY 34,486/MT (USD 309), FAS in Sept’18. However, in Oct’18 auction, no deal was concluded as even the highest export bid prices were lower than the expected bids for Kanto amid high domestic prices in Japan. Bids remain lower by JPY 1,600/MT than prices prevailing in domestic market as against Tokyo steel’s H2 price at JPY 37,500/MT at Utsunomiya work located in the same Kanto region indicating clear sense of the market.

Japan’s Tokyo Steel scrap purchase prices remain firm - Strong local finish steel demand with rising production of EAF steelmakers amid ongoing Autumn in Japan, H2 scrap prices stand at JPY 39,000/MT (USD 342) at Kyushu plant and at JPY 38,500/MT at Okayama. While prices at Tahara and Takamatsu steel stand at JPY 38,000/MT followed by lowest JPY 37,500/MT at Utsunomiya in Kanto region.

Hyundai Steel did not bid for Japanese scrap - South Korea’s leading EAF steelmaker, Hyundai Steel did not place bid for Japanese H2 scrap again this week. Despite Japan’s H2 export prices assessed at JPY 36,500-37,000/MT, FoB in recent deals. Large price disparity between South Korean price expectations and Japan’s actual market prices kept contracts bounded for urgent requirements only. Leading steelmakers like Hyundai and Dongkuk in metropolitan area seems not ready to exceed JPY 35,000-35,500/MT, CFR South Korea level for H2.

Vietnam scrap prices edge down in recent limited deals - Few trades for Japanese H2 scrap were concluded at around USD 351-356/MT, CFR Vietnam this week down USD 5-7/MT W-o-W. Offers for HMS 1&2 (80:20) heard around USD 340-345/MT, CFR While Shredded assessed at around USD 360-365/MT, CFR Vietnam.

Taiwanese scrap prices inch down on slow demand - Price assessment for USA origin HMS (80:20) stands at USD 334/MT, CFR Taiwan in containers, down USD 4/MT W-o-W. After booking decent volumes in absence of other Asian markets, Taiwan observed slowdown in purchases this week on stable global prices and subdued finish steel demand in the country.

Indian scrap importers cautious on currency depreciation - Depreciated INR against USD remains a cause of concern for Indian scrap importers resulting in limited bookings this week. Prices in recent deals seem to have corrected on declined demand temporarily but after local festival of Navratri demand may pick up again at stable prices in India.

Offers for UK and USA origin Shredded scrap in containers heard stable at around USD 360/MT, CFR Nhava Sheva. Offers from Dubai suppliers for HMS 1 were being quoted in the range of USD 340-345/MT, CFR down USD 3-5/MT W-o-W. Offers for HMS 1&2 (80:20) assessed at around USD 335-340/MT from UAE, UK and other origins.

West African HMS 1&2 in containers traded this week at around USD 325-330/MT, CFR Chennai while offers assessed in the range of USD 330-335/MT, CFR Nhava Sheva. Local HMS 1&2 (80:20) basic prices assessed at INR 25,300-25,600/MT (USD 344-348), ex- Mumbai down INR 500-700/MT on W-o-W. Local scrap being cheaper remains a preference for few steelmakers over imported.

Imported scrap buying subdued after currency depreciation in Pakistan - Domestic steel prices in Pakistan including bala billet, CC billet and rebar surged sharp by PKR 5000-6000/MT (USD 38-45) after abrupt depreciation of PKR. Consumers were reluctant to make purchases amidst devaluation PKR by around 8-10% from 124 levels earlier to 134 now against USD. Offers for containerized Shredded scrap heard stable in the range of USD 357-362/MT, CFR Qasim for Europe/UK origin. Scrap purchases are likely to pick up shortly on low inventories available while few customers may turn active for restocking over an anticipation of further devaluation of PKR and rise in domestic steel prices again.

Bangladesh importers move into ‘wait and watch’ mode - Minor trades for containerized Shredded 211 from Europe and UK sold in the range of USD 370-375/MT, CFR Chittagong. South African HMS 1 traded at stable levels of USD 365/MT and Brazil origin P&S scrap assessed at USD 375/MT, CFR. Offers for HMS 1&2 (80:20) heard at USD 352-355/MT, CFR from Chile and other origin. Local scrap and ship breaking plate prices remain range bound while local rebar demand remains weak affecting buying sentiments. Indian sponge iron export offers fell sharply to USD 340-350/MT, CFR Chittagong on weak domestic prices in India. Activities in coastal areas affected by Cyclone ‘Titli’ causing heavy rains all over the country.


   Short Link:  
Related News
Esfahan Mobarakeh Steel co.
HOSCO
khuzestan steel
chadormalu Co.
ghadir neiriz co
IranAluminaJaajarm
sangan steel
ahan o fulad golgohar