According to Mining News Pro -This week observed diverse sentiments in different major global scrap markets. Turkish scrap prices showed upward trend amid stable demand. Japanese scrap prices showed marginal correction however, as Tokyo Steel kept domestic scrap prices unchanged, market remained supported. China’s Shagang steel likely to raise scrap purchase prices following uplift in finish steel prices. South Korean domestic scrap market observed price cuts amid decent inventories in hand. Asian markets like Taiwan, Vietnam and Thailand continued downtrend on sufficient supply and weak demand. While India, Pakistan and Bangladesh observed stable offers for Shredded scrap and limited trades for HMS scrap as per domestic market fundamentals.
Turkey scrap importers book US cargoes at slightly high prices - Turkish scrap prices moved up with constant demand from steel mills. 3-4 bulk scrap cargo bookings were reported this week A steel mill in Marmara region booked a Baltic Sea cargo comprising of 25,000 MT of HMS 1& 2 (80:20) at USD 333/MT and 5000 MT of Bonus at USD 342/MT, CFR. According to SteelMint’s price assessment, USA and Baltic origin HMS (80:20) scrap stands at around USD 333-335/MT, CFR Turkey, marginally up by USD 2-3/MT W-o-W. While HMS 1&2 (80:20) for European origin heard at USD 327-328/MT, CFR.
South Korean mill books Japanese H2 scrap; Japanese domestic prices remain strong - South Korean Dongkuk steel mill booked 7000 MT of Japanese H2 at JPY 37,500/MT, CFR South Korea following which export prices of Japanese H2 are expected in the range of JPY 35,000-36,000/MT, FoB, down JPY 1000/MT W-o-W. Hyundai Steel also heard to have lowered Shindachi scrap purchase price for two successive weeks. Despite downward pressure on export prices Japanese domestic prices remained supported awaiting Tokyo steel’s price revision, the steelmaker keeps scrap prices unchanged for this week at JPY 37,500/MT at Utsunomiya plant in Kanto region.
China’s Shagang Steel likely to hike scrap prices further - As per reports, Eastern China’s leading scrap consumer Shagang Steel likely hike its domestic scrap purchase prices by RMB 80/MT after raising long steel prices by RMB 50/MT for late October shipments as against last set of prices in mid-Oct’18 . Shagang will fetch RMB 2,780/MT (USD 400) inclusive of 16% VAT for HMS (6-10 mm in thickness) delivered to Zhangjiagang works. Following Shagang’s lead, other major steelmakers like Maanshan and Xingcheng could also raise scrap prices ahead of production cuts in the country and tight supply of scrap.
Vietnam & Indonesia scrap prices dip on weak demand - Vietnam scrap importers remained sidelines amid sufficient inventories and downstream rebar and billet prices. Prices for containerized HMS 1&2 (80:20) assessed around USD 355-357/MT, CFR, down USD 3-5/MT W-o-W. Hong Kong based containerized HMS 1&2 (50:50) traded at USD 340-345/MT, CFR Vietnam. Indonesian Busheling offers heard around USD 395/MT,CFR and UK Shredded at USD 360-365/MT,CFR Jakarta.
Taiwanese scrap prices move down amid recent deals - Price assessment for USA origin HMS (80:20) stands at USD 324/MT, CFR Taiwan in containers, down USD 4/MT as against USD 328/MT, CFR W-o-W. Offers for USA HMS (80:20) heard in the range of USD 325-330/MT, CFR while Japanese bulk HMS 1&2 (50:50) stable in the range of USD 355-360/MT, CFR.
India observes HMS trades; Shredded deals soften - Indian importers remain waiting amid depreciated currency and still slow demand in finish steel market. No major deal for Shredded scrap was heard on less viability again this week. Dull demand pulled HMS scrap prices down by USD 5-7/MT W-o-W as market observed few trades.
Dubai origin containerized HMS 1 sold in the range of USD 330-335/MT, CFR Nhava Sheva and West African HMS 1&2 traded at around USD 315-325/MT, CFR Chennai. Yards from UK and USA hold offers for Shredded stable in the range USD 355-360/MT, CFR. Local HMS 1&2 (80:20) basic prices assessed stable at INR 25,400-25,600/MT (USD 346-347), ex-Mumbai. Local scrap prices remain stable in Central region while correct down in Southern India.
Pakistan scrap market show stability amid improving local sentiments - Containerized Shredded 211 offers from UK and USA heard in the range USD 357-360/MT, CFR Qasim. Recently HMS 1 scrap from Dubai has been traded in containers comprising around 4000 MT at a lower price of USD 335/MT from last week’s prices of USD 342-347/MT, CFR. Imported scrap market seems stable with improving local finish steel activities. Local steel prices remained stable and rebar prices of major mills stand at PKR 106,000-108,000/MT, Ex-Karachi inclusive of taxes. Since the tanker exploded recently at Gadani leaving seven workers injured, the market was afraid that it will yet again have to see lengthy closures and disruptions in the ship-breaking business.
Bangladesh observed limited imported scrap trades - Bangladesh observed improving buying interest amid correcting local finish steel demand. However, upcoming election keep sentiments bearish despite and rising Indian sponge export offers. Shredded offers stand stable at USD 370-375/MT, CFR, HMS 1 was traded in the range of USD 360-365/MT, CFR Chittagong from South Africa, Hong Kong and Chile. While offers for HMS (80:20) assessed at USD 345-350/MT, CFR basis. Local scrap and ship breaking plate prices moved down by BDT 400-600/MT. While Ship cutting market continued bullish sentiments with hive of activities. Ship cutting prices remain dominating their subcontinent competitors with another two sales reported in Chittagong.