Higher freight rates for steel scrap routes in both bulk carriers and containers have jacked up prices for the secondary raw material across Asia, market sources have told Fastmarkets.
Chinese steelmakers have been actively bidding for Japanese import scrap cargoes at prices above the China domestic market level in recent days, sources have told Fastmarkets.
The prospect of more than 5 million tons of additional flat-rolled steel production starting up in the United States by the end of this year has convinced some market participants that the current run of all-time record-high sheet prices must come to a screeching halt by summer.
Plunging steel futures and physical prices in China kept buyers away from the import markets on Friday March 5, industry sources told Fastmarkets.
Mexico will remain a net importer of finished steel and is facing a challenge, with its scrap deficit expected to swell by 2025, a McKinsey & Co executive said.
Hot-rolled coil prices in the United States continue to hit record highs, with further upside expected, Fastmarkets understands.
Import prices for ferrous scrap in Vietnam are still increasing due to a strengthening downstream steel market, though the rate of increase has slowed, sources told Fastmarkets on Friday April 9.
Summer maintenance work at steel mills was continuing across Japan but reduced generation volumes and strong prices paid by South Korea were continuing to support export scrap prices, sources told Fastmarkets on Wednesday July 28.
The Vietnamese steel market remained in a state of shutdown during the week ended Friday July 30 due to a worsening of the Covid-19 pandemic situation in the country, which limited interest in imported scrap, sources told Fastmarkets.
The Vietnam Steel Association (VSA) is leading an industry-wide pushback against the country’s proposed export tax of 5% on steel billet, it said on Friday July 23.