IRON and STEEL
Scrap & Recycling
Tokyo Steel Manufacturing Co Ltd - Japan’s top electric-arc furnace steelmaker has kept steel prices unchanged owing to softening export offers in overseas nations.
Prior this, last month company increased heavy plate prices by Yen 2000/MT for December deliveries on the backdrop of tight supply and increased demand in construction sector.
Regarding domestic market conditions, Imamura Managing Director highlighted,”Domestic demand remains firm, but we are keeping product prices steady as the overseas steel market has fallen quite sharply,”
Tokyo Steel Scrap Prices- In last one months’ time, the steelmaker observed successive price cuts for domestic scrap resulting in a total price drop of JPY 3000-5500/MT (USD 26-49/MT). Prices at Utsunomiya plant in the Kanto region have come down to more than 1 year’s low. Now, H2 prices stand at JPY 30,500/MT at largest plant, Tahara and JPY 31,500/MT at Utsunomiya plant. Participants expect scrap prices to correct further with no signs of bottom yet.
SteelMint learned from industry participants that containerized scrap trades to South Asia remained limited on account of low demand and to have more clarity after the recent price hike in the global market.
Vietnam, one of the leading ferrous scrap importers in East Asia has witnessed record high imports in Apr'19 on sharp growth in imports recorded from US & Australia.
In conversation with industry participants, SteelMint learned that imported scrap offers to Bangladesh have further fallen this week on the account major correction in global levels along with slow sales of domestic finished steel.
Eastern China’s largest private ferrous scrap consumer and EAF steelmaker - Shagang Jiangsu Steel group has lowered steel scrap purchase price for all grades by RMB 40/MT (USD 5.8) effective from today (15th May’19).
SteelMint learned in recent conversations with industry participants that imported scrap offers in containers to Pakistan have dropped to 4-month low amid global price correction observed during the closing of last week.
SteelMint learned from industry participants that Turkish steel mills have recently concluded more deals at further corrected prices. Steel mills seem to have actively booked deep sea cargoes comprising around 150,000 MT scrap as they achieved desired offer levels from suppliers.