Scrap & Recycling  

Global Ferrous Scrap Market Overview - Week 23, 2019

Global ferrous scrap markets witnessed downtrend on poor demand this week. Turkish steelmakers remained away from trading activities on public holidays. South Asian market showed little activity with India witnessing limited deals at lowered prices while Pakistan and Bangladesh remaining silent on Eid Holidays.

Turkey - Turkish steel mills remained silent this week amid ongoing public Eid holidays. No fresh deep sea cargo bookings put pressure on imported scrap prices pulling assessment marginally down further. Towards weeks’ closing SteelMint’s assessment of HMS scrap of European origin fell to USD 300/MT, CFR Turkey, However, US origin HMS 1&2 scrap prices remain flat on lack of fresh sales this week and assessed at around USD 303-305/MT, CFR Turkey. It is being expected that further correction in the prices remained limited.

Japan -  Japan's leading steelmaker Tokyo Steel kept domestic scrap purchase price unchanged amid poor demand this week. However, few EAF steelmakers lowered Japanese H2 purchase price further by JPY 500/MT. H2 was being offered in the range JPY 28,000-29,000/MT, FoB Japan while Shindachi scrap stood at JPY 35,500/MT. Few suppliers were resistant to offer at lower prices as demand from Taiwan and Vietnam remained decent at equivalent prices exceeding JPY 30,000/MT (USD 277), FoB.

Japan's monthly scrap export tender 'Kanto Tetsugen' is scheduled on 11th June for this week. Participants are likely to wait for its result in order to have more clarity on the Japanese scrap price trend.

 South Korea - After witnessing a successive rise in domestic scrap prices, South Korean prices turned down towards week close following the global trend. Hyundai Steel remained away from scrap import skipping bids for Japanese scrap yet another week.

 Taiwan -  According to sources, successive rise in local scrap prices by Feng Hsin Iron & Steel pushed Taiwan scrap prices sharply. However, buying interest turned slow towards week close again. SteelMint’s reference price for containerized imported HMS 1&2 (80:20) of US origin stands at around USD 290-293/MT, CFR Taiwan.

 India -  Indian imported ferrous scrap market witnessed limited trade activities amid low demand of finished steel. Prices fell USD 8-10/MT in recent deals reported in the market.  Slowdown on Eid holidays in other subcontinental markets kept overall trading activities dull and participants to wait for more clarity on the global market.

SteelMint’s assessment for containerized Shredded from Europe, UK and US stand in the range USD 320-325/MT, CFR Nhava Sheva, down by USD 8-10/MT against last week, with few trades from US suppliers being reported in USD 320-323/MT range. Certain UK suppliers are offering at USD 325-327/MT, CFR Nhava Sheva with very limited deals being reported. P&S offers stand at USD 343-345/MT, CFR.

Deals for HMS scrap from UK reported at around USD 305-307/MT, CFR, while Dubai origin HMS 1 reported being traded in the range of USD 320-325/MT, CFR in limited volume. Offers for South African HMS 1&2 and West African origin containerized HMS stood in the range of USD 320-325/MT and USD 307-310/MT CFR respectively. Domestic HMS 1&2 remain in the range of INR 24,600-24,800/MT (USD 355-357) ex Mumbai, amid limited trades.

 Pakistan - Pakistan steel market activities turned silent this week after a week-long Eid holiday was officially declared by the government. As of last week, Shredded scrap from Europe and North America was being traded at 330 USD/MT as few buyers continued bookings as per their need on limited inventories in hand.

 Bangladesh -  Bangladesh remained away from scrap imports this week amid Eid holidays while steelmakers also await the country’s Budget in the 3rd week of the June’19. The market is expecting the sentiments to strengthen in South Asia post-Eid holidays, as the scrap demand rises.

News No: 4804
Date: 2019/06/11 - 21:51
News Source: SteelMint

Ferrous Scrap  India  Pakistan  Bangladesh  steel 


Leave a Comment:


Kobe Steel turns non-standard compressor affiliate in China into subsidiary

Kobe Steel, Ltd announces that it has turned its Chinese affiliate, Wuxi Compressor Co., Ltd., into a subsidiary after acquiring additional shares in the company in April 2020. Based in Wuxi, Jiangsu Province, Wuxi Compressor manufactures designs and sells non-standard (process gas) compressors, a core component used in petroleum refining, chemical and natural gas plants.

MMK and SMS group managed to implement targeted commissioning despite extremely difficult conditions

In 2018, Magnitogorsk Iron & Steel Works (MMK), Russia, has awarded an order to SMS group covering the extensive modernization of the finishing mill mechanical equipment and the fundamental revamp of the electrical and automation system of hot strip mill 2500 at the Magnitogorsk site.

Turkey keeps buying, Asia bulk markets go quiet

Turkish steel producers remained active in the market for import scrap in the week ending Friday June 12, while prices for bulk scrap in Japan and Vietnam appear to hit a ceiling as activity slowed.

Steel import price recovery persists in South America on stronger demand, currency

Prices for flat-rolled steel imported into South America continued to recover during the week to Friday June 12 as more increases were issued - mainly by Chinese and Japanese mills - for August-shipment cargoes.

Amended EU safeguard measures to result in HRC import volume drop, hurt independent distributors, Assofermet says

The proposed changes to existing EU safeguard measures for hot-rolled coil would result in a drop in import volumes and consequently injure independent distribution in Europe, Italian steel distributors’ association Assofermet said in a letter to the European Commission (EC).

Indonesia to ask Freeport to build copper smelter

The Indonesian government will ask PT Freeport Indonesia to build a copper smelter in Weda Bay, a newly built metal industrial park in Halmahera, the senior minister overseeing mining said on Friday.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners