ASIAN FERROUS SCRAP MARKET ROUNDUP FROM
Chinese provincial quotations for scrap declined on average by 0.6 percent
during February. Domestic traders remain bullish over the pricing outlook for
the first half of 2013. The economy is reviving due to the recent government
Different price scenarios were witnessed in the four Indian regions researched
by MEPS. Buying activity by domestic steel mills is dull. Negotiations for March
settlements are expected to be arduous. Foreign suppliers are expected to resist
calls for them to lower their import quotations, due to healthy demand from
other global markets. The government has signalled it is prepared to levy an
import duty on scrap material.
Japanese electric furnace steelmakers issued higher purchasing figures during
February. Tokyo Steel Manufacturing, a bellwether for the domestic steel
industry, has raised its HMS2 purchasing prices at all five subsidiaries to
secure material. The upward adjustment was executed in six phases. Domestic
supplies had tightened due to firm export shipments.
Taiwanese steelmakers, operating electric furnaces, were in no immediate hurry
to procure scrap material. Buying interest was unsettled by the Lunar New Year
holiday and weak construction activity.
The pricing environment remains challenging in South Korea. Hyundai Steel, the
country’s largest scrap buyer, reduced its purchasing prices for all grades by
KRw10,000 per tonne in week 7. Nevertheless, several brokers are anticipating
higher prices in March. The price premium for domestic scrap material relative
to imports has contracted to $US13 per tonne.
MEPS - Ferrous
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