East Asian scrap import market sees 'price correction'
Scrap import offer prices to east Asia have dipped in the past week because of weaker sentiment in international markets. Containerised 80:20 heavy melting scrap (HMS) 1&2 was recently booked at $270-275/tonne cfr Taiwan, despite suppliers aiming to sell at $10/t higher in the last two weeks, traders tell Steel Business Briefing. Offer prices to Singapore are also at $270-275/t cfr, down from $280-285/t cfr a week ago. The current import market in Korea is "very quiet," a Seoul-based trader tells SBB. Hyundai Steel booked late last week (ending 29 May) Japanese H2 grade scrap at ¥23,500/t fob ($245/t), down from the ¥23,800/t fob purchase price it made earlier in the same week. The tonnage booked is an estimated combined 50,000 tonnes . 40,000 t at the lower price and 10,000 t earlier. "There is a slight price correction, but I don't know if this downtrend will continue," the trader says. Hyundai booked H2 at ¥24,000/t the previous week. Japanese H2 was recently booked at $270-275/t cfr by the Taiwanese and Chinese. The Chinese also booked Japanese HS grade at $295-300/t cfr. Offers of bulk 80:20 HMS are being indicated at around $290/t cfr southeast Asia. An importer tells SBB that the approaching Muslim fasting month in August will adversely impact demand. The Vietnamese EAF operators are holding low scrap inventories, a Vietnamese trader says. "Buyers are expecting prices will drop. The scrap market is very quiet," he tells SBB. Despite softening prices, he has seen few offers in the market.
Scrap import offer prices to east Asia have dipped in the past week because of weaker sentiment in international markets. Containerised 80:20 heavy melting scrap (HMS) 1&2 was recently booked at $270-275/tonne cfr Taiwan, despite suppliers aiming to sell at $10/t higher in the last two weeks, traders tell Steel Business Briefing. Offer prices to Singapore are also at $270-275/t cfr, down from $280-285/t cfr a week ago. The current import market in Korea is "very quiet," a Seoul-based trader tells SBB. Hyundai Steel booked late last week (ending 29 May) Japanese H2 grade scrap at ¥23,500/t fob ($245/t), down from the ¥23,800/t fob purchase price it made earlier in the same week. The tonnage booked is an estimated combined 50,000 tonnes . 40,000 t at the lower price and 10,000 t earlier. "There is a slight price correction, but I don't know if this downtrend will continue," the trader says. Hyundai booked H2 at ¥24,000/t the previous week. Japanese H2 was recently booked at $270-275/t cfr by the Taiwanese and Chinese. The Chinese also booked Japanese HS grade at $295-300/t cfr. Offers of bulk 80:20 HMS are being indicated at around $290/t cfr southeast Asia. An importer tells SBB that the approaching Muslim fasting month in August will adversely impact demand. The Vietnamese EAF operators are holding low scrap inventories, a Vietnamese trader says. "Buyers are expecting prices will drop. The scrap market is very quiet," he tells SBB. Despite softening prices, he has seen few offers in the market.
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