* Physical scrap concluded at $285/t CFR for HMS 80:20
Physical scrap continues to move higher with fixtures completed over the last week at $285/t CFR for HMS 80:20 material. Both Baltic and US based sellers have been reported as transacting with the most recent fixture by a Baltic-origin deal concluded at $285/t CFR for HMS 80:20. The cargo also included shredded and bonus scrap at $290/t and 295/t CFR respectively. Scrap futures have generally held steady over the course of the week, September traded 290 and was offered over.
* Futures activity continues to trickle onto the block as Sep-Oct futures traded €441/t in 1kT/m
Northwest European HRC has continued to gain strength with the index gaining near €5/t over the last week. Argus reported of one mill upping its offer levels by €20/t to €460/t exw for the fourth quarter amid an expected pick up in demand. Futures activity continues to trickle onto the block as Sep-Oct futures traded €441/t in 1kT/m.
* One major Chinese mill increasing $500-505/t, amid strong downstream industry recovery
Chinese mills have increased offer levels for SS400 HRC material over the last week amid strong domestic demand. Argus reports one major Chinese mill increasing $500-505/t, amid strong downstream industry recovery. Argus reports a small tonnage of Chinese HRC was completed at $520-523/t CFR Pakistan. FOB China futures have held steady over the course of the week, September futures ended up stuck at 501/505 in 500t.