IRON and STEEL
Scrap & Recycling
Tokyo Steel Manufacturing Co Ltd - Japan’s top electric-arc furnace steelmaker has kept steel prices unchanged owing to softening export offers in overseas nations.
Prior this, last month company increased heavy plate prices by Yen 2000/MT for December deliveries on the backdrop of tight supply and increased demand in construction sector.
Regarding domestic market conditions, Imamura Managing Director highlighted,”Domestic demand remains firm, but we are keeping product prices steady as the overseas steel market has fallen quite sharply,”
Tokyo Steel Scrap Prices- In last one months’ time, the steelmaker observed successive price cuts for domestic scrap resulting in a total price drop of JPY 3000-5500/MT (USD 26-49/MT). Prices at Utsunomiya plant in the Kanto region have come down to more than 1 year’s low. Now, H2 prices stand at JPY 30,500/MT at largest plant, Tahara and JPY 31,500/MT at Utsunomiya plant. Participants expect scrap prices to correct further with no signs of bottom yet.
This week observed strengthening of demand both in Turkey and Asian markets on limited inventories available.
As per recent updates received from sources, ‘Kanto Tetsugen’- Japan’s monthly ferrous scrap export tender for Jan’19 concluded today (11th Jan) in the Kanto region. Total 20,000 MT H2 scrap auctioned through three winning bids presented at an average of JPY 28,775/MT (USD 266), FAS in Jan’19.
South Korean steel mills have bought multiple bulk cargoes at corrected prices this week. Scrap purchase enquiries from US, Russia and Japan to South East Asian markets increased and steel mills remained in search for bulk cargoes at reasonable prices.
SteelMint learned from market participants that Indian imported scrap market has observed limited trades at corrected prices at the beginning of the week, however, very slow trade movement witnessed over the week to have more clarity about global scrap price direction and it is expected that prices could remain steady in the near term.
A major player in the aluminum automotive components industry was frustrated by the capabilities of an integral part of their die casting process: the use of belt conveyors. Although extremely common to handle scrap material in die casting facilities, this type of conveyor in this environment is renowned for causing production shutdown and maintenance issues.
India world’s third-largest scrap importer after Turkey and South Korea has witnessed more than a half MnT bulk scrap imports in 2018. As per vessel line up data maintained with SteelMint, Indian bulk scrap imports recorded at 515,121 MT in CY18. Which increased 37% Y-o-Y in 2018 as against 376,600 MT bulk scrap imports recorded during CY17.