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East Asian scrap import market continues to be firm - 1 August 2011

Four bulk cargoes of US scrap (80% shredded and 20% HMS 1&2) were heard booked at a composite price of $490/tonne cfr China during the week ending 22 July, trading sources tell <b>Steel Business Briefing</b>. Jiangsu Shagang Group booked three cargoes and Fengli the other. This composite price is equivalent to $486/t cfr for 80:20. Chinese bookings for 80:20 were at $483-486/t cfr in mid-July.<p>

Two Korean mills were heard negotiating to book US scrap last week but Korean trading sources were not able to confirm the transaction price. Two bulk cargoes were ordered at $485-487/t cfr Korea for HMS 1 during the first half of July, as reported by SBB.<p>

In Southeast Asia, a 10,000t cargo from Australia was heard sold at $489/t cfr Vietnam for HMS. Also, a composite bulk cargo split equally between 80:20 and shredded was booked at $495/t cfr Malaysia.<p>

Containerised scrap prices have increased by $5/t. In Vietnam, 80:20-in-container from Africa and South America was booked at $465-470/t cfr. “Scrap prices are getting stronger here but overall sales are slow,” says a local trader. He is not receiving takers for offers for scrap from US and EU now at around $480/t cfr, compared to $470-475/cfr SE Asia in mid-July. <p>

Another says that there are very limited bookings by “mostly desperate buyers in Vietnam with very low inventory" at $475-480/t cfr.<p>

Taiwanese mills recently booked 80:20 at $465/t cfr Taichung. Suppliers are expected to hike further their offer prices this week to $470-475/t cfr Taiwan. Shredded costs $5/t more than 80:20.<p>

 

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