FOB China HRC
The index rose by $12/t last Friday (7.5.21) to US$950/t, MTD US$932.60/t.
An east China mill sold 10,000t SAE grade pipe-making coils at $950/t fob last week. Some other deals were heard done at $960/t fob for SS400 HRC, but no further details could be confirmed. Two major Chinese mills lifted offers by $15-30/t to $980-995/t fob for SS400 HRC last Friday, with one of them pushing up offers today to $1,040/t fob after seeing sharp rising physical and paper prices.
An Indian mill sold 20,000t SAE1006 grade coils at $995/t cfr Vietnam last week. Around 30,000 SAE grade coils from India sold at $1,020/t cfr Vietnam last week too although participants said only one Vietnamese re-roller could buy at that level because it exports downstream steel products including hot-dipped galvanized steel at much higher prices into regions like EU. A Taiwanese mill sold a small quantity of SAE grade coils at $970/t cfr Vietnam before the holiday and lifted its offer to $1,050/t cfr Vietnam. (Argus)
Turkish Scrap
Index reaches highest level since January 2011
Buyside sources expect $500/mt CFR in near term
Turkish Deepsea import ferrous scrap prices rose to their highest level in 2021 and a 10-year high, as a fresh Baltic-origin cargo was heard to be booked, sources said. S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) May 7 at $490/mt CFR, up $10.75/mt on day and up $42/mt on week. The index is now at its highest level since Jan. 31, 2011, when it was also at $490/mt CFR. The Platts index record high was at $510/mt CFR on Jan. 10, 2011.
A Baltic-origin cargo was heard to be booked May 6 by a Marmara mill, with HMS 1/2 (80:20) at $488/mt CFR, and shredded and bonus scrap both at $498/mt CFR. However, indications for workable levels and offers immediately rose above the deal level on May 7. “$500/mt CFR wouldn’t surprise me – we needed some [upward] correction on rebars,” a Turkish mill source said. A second Turkish mill source cited an indicative tradable value for premium HMS 1/2 (80:20) at $488-$490/mt CFR, with offers at $490/mt CFR and above, adding that US offers were still not heard in the market. A third mill source cited an indicative tradable value at $500/mt CFR for premium HMS 1/2 (80:20), but this was not confirmed by other market participants. (Platts)
US HRC
The S&P Global Platts TSI US hot-rolled coil index was calculated at $1,501.50/st EXW Indiana May 7, down $2.50 from May 6.
A Midwest service centre source indicated an offer at $1,480/st from a Midwest converter with a July lead time. Another service centre source, meanwhile, reported a 150-st transaction at $1,600/st from a mini-mill in the South for its July production. That transaction, however, was not factored into the volume-weighted average calculation based on Platts methodology. (Platts)
| Indices | Price | Change | MTD |
| Platts TSI HMS 1/2 80:20 CFR Turkey ($/mt) | 490.00 | 10.75 | 473.94 |
| Steel Rebar FOB Turkey ($/mt) | 700.00 | 10.00 | 685.63 |
| Argus HRC NW Europe (€/mt) | 1049.75 | 0.00 | 1042.13 |
| Argus FOB China HRC ($/mt) | 950.00 | 12.00 | 932.60 |
| LME HRC FOB TIANJIN CHINA USD/mt | LME HMS 80:20 CFR TK | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| May-21 | 965 | 975 | 970 | May-21 | 515 | 525 | 520 | |
| Jun-21 | 985 | 995 | 990 | Jun-21 | 530 | 540 | 535 | |
| Jul-21 | 980 | 990 | 985 | Jul-21 | 530 | 540 | 535 | |
| Aug-21 | 975 | 985 | 980 | Aug-21 | 530 | 540 | 535 | |
| Q3-21 | 950 | 960 | 955 | Q3-21 | 528 | 538 | 510 | |
| Q4-21 | 865 | 875 | 870 | Q4-21 | 505 | 515 | 510 | |
| LME REBAR FOB TK | BUSHELING | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| May-21 | 735 | 745 | 740 | May-21 | 565 | 575 | 570 | |
| Jun-21 | 775 | 785 | 780 | Jun-21 | 615 | 625 | 620 | |
| Jul-21 | 770 | 780 | 775 | Jul-21 | 655 | 665 | 660 | |
| Aug-21 | 760 | 770 | 765 | Aug-21 | 675 | 685 | 680 | |
| Q3-21 | 748 | 758 | 753 | Q3-21 | 680 | 690 | 685 | |
| Q4-21 | 692 | 702 | 697 | Q4-21 | 665 | 675 | 670 | |
| US HRC USD/short ton | NWE HRC EUR/metric ton | |||||||
| Bid | Ask | Value | Bid | Ask | Value | |||
| May-21 | 1514 | 1524 | 1519 | May-21 | 1065 | 1075 | 1070 | |
| Jun-21 | 1615 | 1625 | 1620 | Jun-21 | 1080 | 1090 | 1085 | |
| Jul-21 | 1627 | 1637 | 1632 | Jul-21 | 1035 | 1045 | 1040 | |
| Aug-21 | 1615 | 1625 | 1620 | Aug-21 | 1010 | 1020 | 1015 | |
| Q3-21 | 1614 | 1624 | 1619 | Q3-21 | 1012 | 1022 | 1017 | |
| Q4-21 | 1469 | 1479 | 1474 | Q4-21 | 923 | 933 | 928 | |
| Q4-21 | 923 | 933 | 928 | |||||