HMS 80:20 Scrap
Turkish Deepsea import scrap prices continue to firm
Sell side continues push for $300/m
Weak dollar maintains upside pressure
Deepsea Turkish import scrap prices were heard to be higher Sept. 1, as ex-Benelux and ex-Baltic cargoes were heard to be booked over the week ending Aug. 28, sources said. S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $291/mt CFR on Sept. 1, up $2.50/mt from Aug. 28, to reach the index’s highest level since Jan. 15, when it sat at $299/mt CFR.
A Benelux-origin cargo was heard by multiple sources to be booked the week ending Aug. 28, with HMS 1/2 (80:20) at $286/mt CFR, with sources putting the cargo value as equivalent to $291/mt CFR for premium HMS 1/2 (80:20). (Platts)
FOB China HRC
The index rose by another $5/t yesterday (9.1.20) to US$516/t, MTD US$516/t.
Northern China’s Tangshan sections rolling mills, which were supposed to restart production on 1 September, were asked to delay resumptions until today or later. Major Chinese mills increased offers by $5-10/t yesterday to $525-535/t fob for SS400 HRC, with none of them willing to receive orders below $520-525/t fob given strength in the domestic market. (Argus)
NWE HRC
Italian hot-rolled coil (HRC) prices continued to increase on a lack of supply, while northwest Europe was quieter.
The daily Italian index jumped again — to €445.25/t ex-works, up by €8/t. The benchmark northwest European index nudged up by €0.75/t to €450.75/t ex-works. While buyers in northern Europe are waiting before concluding new purchases, mills are positive that the market there is headed higher, as the spread with Italy is narrowing day by day, and as lead times are also now overlapping. Despite sufficient stocks, end-user demand is strengthening, which is buoying demand for forward deliveries. (Argus)