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WEEKLY SCRAP WRAP: Prices strengthen globally

пятница, 04 декабря 2020

Deepsea Turkish import scrap prices rose a further $10/mt on week, as Turkish mills continued buying cargoes for second half January and early February shipment.

S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $365/mt CFR on Dec. 4, up $4/mt on day to reach the index’s highest level since March 27, 2018, when the price was $369/mt CFR. The index has now jumped a massive $71/mt since the beginning of November, when the index sat at $294/mt CFR on Nov. 2.

The conclusion of large-volume rebar sales at higher prices in both the Turkish export and domestic markets supported higher workable levels for scrap, with healthy mill margins making further scrap hikes likely in the near-term.

Some mill sources expect $370/mt CFR and higher to be workable for premium HMS 1/2 (80:20) as early as the week commencing Dec. 7.

In the US, December scrap buying kicked off in Detroit up $70/lt. Trading was described as "frenzied" as prices continued to firm through the end of the week with strong mill demand and a supplier base pushing for higher prices.

Price strength was particularly heard on remote material as mills had to reach for tons to fill their requirements, and bolstered by continued strength in the East Coast export market.

Trading continued through Friday and is expected to wrap up by Dec. 7 or later, as some mills had not yet completed their buying programs.

Taiwan-bound containerized scrap prices soared to a 26-month high, as buyers faced limited offers amid continued strong US domestic sentiment.

Both buy and sell sources cited tradable levels for USWC HMS I/II 80:20 to Taiwan at $335/mt CFR Dec. 4, up strongly from mid-week deals ranging $330-$335/mt CFR. Offers were heard limited at $340/mt CFR, up $10-$15/mt on week.

Alternative Japanese bulk scrap prices too climbed, with offers for H1:H2 50:50 scrap up $22-$25/mt on week to $362-$375/mt CFR Taiwan.

Trading was relatively scant as sources waited for Japan's Kanto Tetsugen tender slated to be held on the week of Dec. 7, with sellers cited as continuing to hold bullish expectations.

Workable Indian import prices for containerized shred material rose for the eighth consecutive week, amid a strong international market and high container freight costs and limited container availability, sources said.

Platts assessed India import containerized shredded scrap at $385/mt CFR Nhava Sheva Dec. 4, up $20/mt on the week, to reach the index’s highest level since March 23, 2018, when the price was at $390/mt CFR.

Elsewhere, UK and EU domestic scrap settlements are expected to be concluded for December over the week commencing Dec. 7, with EU scrap prices expected to rise by as much as Eur30-40/mt on month, while the UK domestic market is expected to see a more modest increase.

-- Staff

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