The import scrap market in Turkey has soared after steelmakers signed higher-priced deals for March loading last week.
Following this trend, South Asian countries also witnessed an increase in import prices in recent trade. On the other hand, Japan's scrap export market has been quiet pending the big monthly Kanto Tetsugen auction scheduled for February 9'22.
Turkey's imported scrap prices on the rise
Turkey's deep-sea scrap import prices have risen sharply in recent deals with the EU, Venezuela and Russia. After these agreements, the sentiment in the imported market improved. Prices are likely to increase further in the near term. A Venezuelan cargo containing HMS 1/2 (80:20) was booked from Turkey at $497 CFR. For US origin HMS 1 & 2 (80:20), its valuation increased $25-30 to $498/ton CFR Turkey.
POSCO's Japanese scrap offers remain unchanged
POSCO's offers for Japanese ferrous scrap remained unchanged this week. The latest offers for HS material on January 28'22 were JPY 64,000/tonne CFR ($557/t), while offers for shindachi bar were not disclosed. POSCO's bids for the HS were on par with Hyundai's bids on January 27.
Tokyo Steel's scrap purchase prices remain unchanged
Tokyo Steel's scrap purchase prices have remained unchanged since the last revision in mid-January 22. The company paid JPY 53,000/ton ($466/t) for H2 scrap delivered to Utsunomiya, while prices for other mills remained unchanged.
Vietnam's imported scrap market is quiet on holidays
Vietnam, Southeast Asia's leading buyer of imported scrap, has witnessed a slowdown in purchase requests due to the week-long Tet festival holidays. Price indicators for bulk Japanese H2 are heard at $510/ton CFR.
Bangladesh's containerized scrap trade is active
Bangladesh's container import scrap trade continued to lag behind supportive finished steel prices. Towards the end of the week, several mass booking news from Australia and the US surfaced, but this could not be confirmed until the time of the report's publication. Bulk US HMS price indicators are currently heard around $560/ton at CFR Chittagong levels.
UK shredded scrap prices were recorded at $585/t CFR Chittagong, up $10-15/ton week on week.
Pakistan's imported scrap prices rise
Pakistan's imported scrap prices have increased further in the second half of the week, with the latest deal. The domestic mood has also turned positive and the milder weather conditions are expected to support scrap import bookings in the near term. Additionally, recent Turkish deals have encouraged suppliers to raise bids. Around 10,500 tons of UK/EU shredded scrap in containers were recently booked at $552-555/ton CFR Qasim.
UK/EU shredded scrap prices were up $10/tonne to $555/t CFR Port Qasim.
India's imported scrap trade recovers
India's imported scrap trade has improved over the past few weeks. Buyers have become active in booking March'22 deliveries to stock inventory supported by supportive local semis prices. The price difference between domestic and imported materials also narrowed, supporting import reservations. Offers for Dubai origin HMS 1 and HMS 1&2 (80:20) are at $500-505/ton and $495-500/ton CFR levels, up $5-10/tonne respectively.
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