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Asia bulk HMS edged higher while Japanese ferrous scrap prices hovered

Increase font size  Decrease font size Date:2017-08-31   Views:423
Japanese scrap export prices fluctuated narrowly during the week, although sentiment was weakening slightly.

S&P Global Platts assessed Japanese H2 grade ferrous scrap export prices at Yen 32,500-33,500/mt ($295-$304/mt) FOB Tokyo Bay Wednesday. The midpoint of Yen 33,000/mt FOB is up Yen 500/mt from the previous week.

Earlier this week, South Korea's Daehan Steel booked Japanese H2 at Yen 32,500/mt FOB for about 10,000 mt, Seoul-based sources said.

Daehan's booking was made right after South Korea's leading electric arc furnace mill Hyundai Steel confirmed its booking volume of around 160,000 mt Monday at its latest bid prices submitted on August 25, they added.
Hyundai's bid prices were Yen 33,500/mt FOB for H2, Yen 36,000/mt FOB for HS, and Yen 37,000/mt FOB for Shindachi Bara, up Yen 1,000/mt from its previous bids on August 18, as reported.

The total offer volume was around 200,000 mt, and the offer prices for H2 mostly ranged at around Yen 33,500-34,000/mt FOB, sources said.

"Daehan scrapped some volume at a lower price amid weakening sentiment after Hyundai established a short-term peak by securing a large volume at higher prices," a Seoul-based trading source said.

A Nagoya-based trader said Japanese traders are currently targeting around Yen 33,500/mt FOB or above for H2 exports, up from Yen 33,000-33,500/mt FOB a week ago. Traders are also offering $335-$340/mt CFR to Vietnam for H2, but no bookings have been made, Japanese trading sources said.

In Japan, traders are currently paying around Yen 32,500/mt FAS to collect H2 material to be exported from eastern Japan, up Yen 500/mt from a week ago.

Tokyo Steel Manufacturing's H2 buying prices at its Utsunomiya works, north of Tokyo are at Yen 32,500/mt.

Asian bulk heavy melting scrap edged higher with some additional bookings to the region.

On August 25, a Vietnamese mill booked 30,000 mt of Australia-origin bulk scrap at around $350/mt CFR Vietnam on HMS I/II (80:20) basis, a source close to the mill said.

While the buying interests from the mills remains at the latest booking price of $350/mt CFR Vietnam, US West Coast suppliers are currently offering at around $356/mt CFR Vietnam for HMS I/II 80:20, the source added.

In South Korea, mills are not even collecting any offers as they are currently looking at shorter distance bookings including Russian and Japanese scrap, source said.

On August 23, Hyundai Steel booked 120,000 mt of Russian A3 grade scrap at $337/mt CFR Pohang.

In West Asia, some scrap bookings have been heard, sources said.

Earlier this week, around 30,000-35,000 mt of shredded grade scrap was sold to Bangladesh at around $373.75/mt CFR Bangladesh, sources in Seoul and the US said.

A small volume of China-origin light graded scrap was also sold to Bangladesh for September shipment at around $345/mt CFR, a China-based trader said.

Platts' assessment price for East Asian bulk HMS I/II 80:20 scrap narrowed but edged higher to $350-$356/mt CFR Wednesday, from $335-$350/mt CFR in the previous week. The midpoint of $353/mt CFR is up $10.5/mt on the week.
 
 
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