Scrap import prices ascend in east Asia
The scrap import market in east Asia continues to firm. A tender in Taiwan for a bulk shipment of P&S (plate and structural) scrap attracted offers at around $320/tonne cfr. Offers of bulk shipment to Southeast Asia are prevailing at around $295/t cfr for 80:20, importing sources tell Steel Business Briefing. Containerised 80:20 scrap was recently booked at around $270/t cfr Taiwan and new offer prices are prevailing at $280-285/t cfr. A trader claims a booking was closed at $275/t cfr after the importer negotiated down from the initially offered $280/t cfr. In Southeast Asia, offers of containerised 80:20 are prevailing at $280-285/t cfr. Importers in Vietnam are generally bidding at up to $290/t cfr for shredded in containers and $285/t cfr for 80:20. Traders say they cannot source at these bidding prices because limited offers are priced $5-10/t above bidding prices. The Japanese scrap market is also firm. Dongkuk Steel last week secured H2 grade at ¥24,500/t ($258/t) fob and HS (P&S) grade scrap at ¥26,500/t fob respectively. The Korean mill's booking was for June shipment totalling around 30,000t. Trading sources tell SBB that China and Taiwan are now actively making enquiries to book Japanese scrap because of rising offer prices from other sources. A lot of 5,000 t of HS grade was recently sold to China at $297/t cfr.
CIS billet export market is under pressure
Last week was not particularly active for the CIS billet export market, as producers were not budging in response to buyers' low bids, market sources tell Steel Business Briefing. As price expectations diverged, with buyers prepared to pay $340/tonne fob Black Sea, according to trading sources, and some traders offering $365/t fob Black Sea, there was very little business done. Consistent demand from China for the past three weeks has pushed up prices from $390/t to $425/t cfr, and now Chinese buyers are starting to get nervous, one major trader says. Although there is still a shortage of billet in the Far East, the knowledge that theirs is the only demand in the market right now gives them considerable bargaining power, he says. Indeed, after buying an estimated 400,000 plus tonnes of long products last month, Egypt is now quiet, with enough stock to last until the end of June, according to some sources. Turkey continues to be out of the equation, still unable to sell rebar, sources say. There was still demand for small quantities in Vietnam and the Philippines, at $415/t cfr, one major producer notes. Some traders say there were offers as low as $360-370/t fob Black Sea which were not accepted by the market. The sentiment is that there is a "negative wind", and with stocks being in moderately good shape, buyers might not start buying at all, unless demand livens up in Turkey and the Middle East. "Buyers and producers are in a stand-off," one source underlines.
The scrap import market in east Asia continues to firm. A tender in Taiwan for a bulk shipment of P&S (plate and structural) scrap attracted offers at around $320/tonne cfr. Offers of bulk shipment to Southeast Asia are prevailing at around $295/t cfr for 80:20, importing sources tell Steel Business Briefing. Containerised 80:20 scrap was recently booked at around $270/t cfr Taiwan and new offer prices are prevailing at $280-285/t cfr. A trader claims a booking was closed at $275/t cfr after the importer negotiated down from the initially offered $280/t cfr. In Southeast Asia, offers of containerised 80:20 are prevailing at $280-285/t cfr. Importers in Vietnam are generally bidding at up to $290/t cfr for shredded in containers and $285/t cfr for 80:20. Traders say they cannot source at these bidding prices because limited offers are priced $5-10/t above bidding prices. The Japanese scrap market is also firm. Dongkuk Steel last week secured H2 grade at ¥24,500/t ($258/t) fob and HS (P&S) grade scrap at ¥26,500/t fob respectively. The Korean mill's booking was for June shipment totalling around 30,000t. Trading sources tell SBB that China and Taiwan are now actively making enquiries to book Japanese scrap because of rising offer prices from other sources. A lot of 5,000 t of HS grade was recently sold to China at $297/t cfr.
CIS billet export market is under pressure
Last week was not particularly active for the CIS billet export market, as producers were not budging in response to buyers' low bids, market sources tell Steel Business Briefing. As price expectations diverged, with buyers prepared to pay $340/tonne fob Black Sea, according to trading sources, and some traders offering $365/t fob Black Sea, there was very little business done. Consistent demand from China for the past three weeks has pushed up prices from $390/t to $425/t cfr, and now Chinese buyers are starting to get nervous, one major trader says. Although there is still a shortage of billet in the Far East, the knowledge that theirs is the only demand in the market right now gives them considerable bargaining power, he says. Indeed, after buying an estimated 400,000 plus tonnes of long products last month, Egypt is now quiet, with enough stock to last until the end of June, according to some sources. Turkey continues to be out of the equation, still unable to sell rebar, sources say. There was still demand for small quantities in Vietnam and the Philippines, at $415/t cfr, one major producer notes. Some traders say there were offers as low as $360-370/t fob Black Sea which were not accepted by the market. The sentiment is that there is a "negative wind", and with stocks being in moderately good shape, buyers might not start buying at all, unless demand livens up in Turkey and the Middle East. "Buyers and producers are in a stand-off," one source underlines.
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