Japanese scrap traders increased their export prices last week. Active billet deals to China last week provided some support to these deals. Tokyo Steel had increased its scrap purchase prices for a total of JPY 1,500-2,000/ton for all business last week. After the second price hike, the company's offer price for H2 scrap will be JPY 49,000/ton ($446/t) for Tahara steel mills.
Following these export offers, its valuation for Japanese bulk H2 has increased by $15-20/ton to $485-495/ton CFR Vietnam. However, no agreements have been made in the aforementioned offers.
Vietnam's domestic scrap scrap prices remained stable. Local prices for scrap and rebar are fixed. However, Vietnamese market sources confirmed that domestic billet prices have increased.
Domestic ferrous scrap prices for H1 and H2 scrap in Vietnam stand at VND 12,000/kg ($522/t) and VND 11,700/kg ($509/t) respectively.
Domestic billet (induction furnace-route) offers remained mostly flat at around 14,600-14,650 VND/kg exw ($635-637/t). In addition, market operations are expected to accelerate soon.
Vietnam's billet export offers have increased. BF-route billet offers from the country have increased by $12/ton. BF-route offers are at $675/ton FOB and no deals were heard this week, according to sources. However, South East Asian markets have been calmed this week by the sharp volatility seen in Chinese SHFE rebar futures.
South East Asian markets:
Indonesian scrap prices are climbing. Imported scrap prices to Indonesia have increased compared to last week, as the most preferred UK PNS scrap $525/t CFR is offered from Jakarta. Very few transactions were recorded at these levels.
Thailand's import scrap offers remained unchanged. Scrap offers imported into Thailand remained unchanged last week. Central American origin HMS 1&2 (80:20) is at $430/ton CFR.
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