The price for containerized US-origin HMS 1&2 80:20 was $420/t cfr Taiwan, which was unchanged from the previous week. Deals were, however, reported earlier this week for $415/t cfr Taiwan. According to a scrap merchant in Taiwan, this week’s prices could drop as low as $410/t cfr. Last week, several reservations were made at $420/t cfr, but local Taiwanese customers no longer accept rates greater than $415/t cfr. The earthquake has had a substantial influence on Turkey’s scrap demand, and Taiwanese scrap buyers are reexamining the supply and demand structure. According to a Taiwanese scrap recycler, “the market is waiting...

The buyers have received an email informing them that they are exempt from issuing a payment guarantee or paying import duty until June 2023. This exemption will be revalidated depending on the resubmission of the necessary reports. Sulb-Bahrain submitted the documentation to Saudi ZATCA through the Bahraini local ministry after undergoing external auditory certification for localization, place of origin of raw materials, etc. As Sulb-Bahrain has been recognized for compliance, the buyers won’t be required to pay import duties. Singh says, “We thank the government of Bahrain and Saudi Arabia, and in particular, the ZATCA authorities, Bahrain Chamber of Commerce,...

Exports to Bangladesh increased 158% to 144,326t, while shipments to India witnessed an unusually significant increase, from 56,364t to 236,225t. Nevertheless, shipments to Pakistan decreased by 25% to 137,132t. Turkey, historically the greatest destination for scrap exports, had a two-thirds decrease to 176,742t. Nevertheless, the overall volume of Poland scrap exports fell 22% to 2.09 million tonnes during January to November 2022. Polish coking coal exports, meanwhile, fell 39% to 1.67 million tons between January and November 2022, as a result of halved shipments to Ukraine and about 500,000 tons less shipped to the Czech Republic. Polish crude steel production...

10,000 tonnes of structural grade HRC were sold last week by a tier-1 Indian mill to Italy and Antwerp for $800–805 per tonne cfr, netting out to $75–760 per t for shipment in end-March or early April. When the USD/EUR exchange rate was at 1.10 last week, European buyers accepted this offer, and India considered no marginal loss in EUR realisations, according to a source. The majority of European purchasers have already completed their restocking, thus it is tough for Indian vendors to consider any raise after this agreement. Indian HRC proposals have increased this week to $810–815/t cfr Europe,...

This  week, the Indonesian Anti-dumping Committee began an investigation into hot rolled coil imports from China, India, Russia, Belarus, Kazakhstan, Taiwan, and Thailand. This is in response to the domestic producer PT Krakatau Steel’s application. Targeted HS Codes for the classified goods are 7208.10.00, 7208.25.00, 7208.26.00, 7208.27.11, 7208.27.19, 7208.27.91, 7208.27.99, 7208.36.00, 7208.37.00, 7208.38.00, 7208.39.10, 7208.39.90, 7208.90.10, 7208.90.20, and 7208.90.90. 2008 saw the committee issue its first positive final determination; following the first sunset review in 2013, the committee added Belarus and Russia to the list of countries subject to anti-dumping levies. The AD obligations were once more extended in 2019,...

Due to weak regional demand, regional mills’ target offer prices continue to be out of reach for consumers. On February 2, a 10,000-tonne cargo of 130mm 5sp blast furnace billet of ASEAN origins was allegedly booked at about $600/t cfr Manila. According to import sources, the customer reserved the cargo for stock replenishment. The consignment of billets is probably from Indonesia. The shipment is a trader’s position cargo because greater bids from the same Indonesian mill, at $620/t fob for 3sp billet and for April shipment, are now available. For 150mm 3sp billet, it is now accepting offers at $640/t cfr...

The GCC’s regular buyers of Indian mills aren’t getting rates from them. The cost of HRC has dropped by $10–$15 per tonne this week compared to last. A Chinese tier-one mill completed a re-rolling grade (SAE 1006) HRCdeal on January 29 for 15,000 tonnes at about $712–715/t cfr Dammam, for end-March shipment. A few days later, on February 2, an Indian tier-one mill finalized a deal for 2mm SAE 1006 grade HRC at a cost-plus-freight price of $740-750 for shipment in March. In the meantime, the Chinese tier-two mill reached an agreement on a mid-April supply of SS400 grade at 1.8-6.5mm...

Due to weak regional demand, regional mills’ target offer prices continue to be out of reach for consumers. On February 2, a 10,000-tonne cargo of 130mm 5sp blast furnace billet of ASEAN origins was allegedly booked at about $600/t cfr Manila. According to import sources, the customer reserved the cargo for stock replenishment. The consignment of billets is probably from Indonesia. The shipment is a trader’s position cargo because greater bids from the same Indonesian mill, at $620/t fob for 3sp billet and for April shipment, are now available. For 150mm 3sp billet, it is now accepting offers at $640/t...

The King Salman Energy Park (SPARK) in northern Saudi Arabia is the site of the groundbreaking for SeAH Gulf Special Steel Industries (SeAH GSI), a joint venture between the Saudi Arabian Industrial Investments Company (Dussur) and the Korean steel maker SeAH CSS. Spark says in an official statement seen by Kallanish that the new facility will cost an estimated SAR 900 million ($240 million), span nearly 178,000 square meters, and have the capacity to produce 17 to 20,000 tonnes of seamless stainless pipes and tubes annually when it is fully operational in 2025. The stainless seamless pipe will be used...

Direct reduced iron-route long steel producers signed two standard billet contracts with a trading firm last week with the intention of selling the product to North Africa. The contracts for the 30,000 tonnes each in March and April shipments were reached by integrated mills in Qatar and Bahrain on a fob basis for $590 per tonne and $585 per t, respectively. For March ready, GCC electric arc furnace mills are aiming at and above $610/t fob this week. “While Indonesian mills are aiming for $620/t fob, Chinese buyers are bidding around $600/t cfr China for billet. The GCC region offers...