Global ferrous scrap prices drifted down for yet another week. The most awaited Japan's Kanto tender was conducted on 9 Dec'21 but the results remain inconclusive on price differences with the domestic market. Tokyo Steel cuts scrap buy prices after a long 3-week gap, On the other hand, China's Shagang Steel has kept scrap purchase prices stable.
Turkish imported scrap prices fall: The bearish sentiments in the finished long steel market and currency "rise and fall" have continued to weigh down imported scrap prices.
A US-origin cargo containing 22,000 t of HMS 1&2 (80:20) and 8,000 t of shredded scrap was booked at an average price of $476/t CFR Turkey by a West Marmara-based steel mill recently.
Japan's Kanto tender inconclusive on price differences: Japan's scrap export price driver, the monthly Kanto Tetsugen ferrous scrap export tender, for Dec'21 was conducted on 9 Dec'21. The lower bids from participants resulted in the tender remaining inconclusive for the second consecutive month.
The bid price was comparatively lower than the suppliers' targeted price and prevailing domestic offers. Bids have fallen following the decline in bids for Japanese scrap from Vietnamese, Bangladesh, and South Korean mills.
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