News updated:- 17 May 2022
Steel Scrap Market Pricing Updates
1. Turkey had no bulk imports of steel during the Eid holidays. Prices of scrap were stable in the
last week.
2. Prices of a few metals have shown an unremarkable fall. Zinc and aluminum have a decrease of
about two percent.
3. The production process had again started in Shanghai. There was a marginal increase in the
prices of iron ore.
4. Italian steel plate manufacturers have remained out of the market in slab bookings.
Factors:
Few producers already have sufficient inventories.
Few producers are operating their mills below the production capacity.
Some are looking for the arrival of timely booking of slabs.
5. Eid holidays in a few regions of South Asia, the United Arab Emirates, and Turkey had responsible
for the bearish market last week. Prices of scrap have decreased.
Turkey is the major scrap buyer and has only a few bookings from America. Indian buyers are
looking for Turkish bookings because they will have better prices and better deals.
6. Mills of India were again active for rebar offers in the international market. They have no deal.
In the last month, mills were interested in rebar sales to the domestic market. Prices of Indian
rebar has decreased.
Factors:
Turkish mills have decreased rebar prices for imports due to low demand for steel
manufacturers.
Rebar demand has decreased at the national level and becoming a reason for the fall in prices.
Major importers of Indian rebar are Hong Kong & Singapore. Overall, there is an increase in
Indian rebar exports.
7. Prices of Brazilian slabs have decreased by 250 dollars per ton.
Factors:
Importers have low demand and set low prices for bids.
Exporters are also keeping a low level of offered prices to increase their sales.
8. Export prices of Brazilian pig iron have decreased. The lack of demand in America was responsible
for the fall in prices.
Investment And Development
1. A copper mine Kamoa-Kakula in DRC (Democratic Republic of Congo) is launching its 3rd
project. It will have the 3rd rank in the field of copper by 2024.
Kamoa-Kakula’s expansion incorporates two new mines Kamoa 1& 2. They will place a new
the plant which will include 5 million tons of concentrators per year.
With this development, both earlier phases will have more production capacity.
It will achieve a target of 600,000 tons of copper annually.
A basic framework and energy-related work completed is supporting the 3rd phase and the
future plans.
It will produce 178 Megawatts of hydropower through a partnership with Kamoa Copper’s Inga
II. This available power will also help the people of the locality and the future plans of Kamoa.
2. The Production Process of the battery Supply Chain has based on different stages i.e., mining,
removing impurities, production, assembling for sale, and recycling. It requires more funds for
the production process. The Energy Department of America has declared that it will provide a
fund of 3.1 billion dollars for the battery supply chain at the national level.
Green Revolution Stimulating Ferrous Scrap Consumption
The share of ferrous scrap consumption is increasing.
China has set a target of achieving zero carbon emissions by 2030. It is shifting from BF
to EAF hence ferrous scrap utilization is increasing. Its share of China in raw material
consumption was high last year. It was 39.5% of the total consumption.
EU consumption of scrap was 14.2%.
America is also prominent in EAF and its utilization of ferrous scrap has increased by
20% in the last year.
India is also focusing on the EAF rather than the BF. Its iron ore utilization has increased
20%. JSPL and AM/MS India are working with the utilization of EAF. Tata Steel has
revealed its intention for EAF.
Upcoming Event
The 27th World Conference about aluminum will be in London for two days from 18th May to 19th
May 2022. It is a suitable place to come for the decision-makers. It will be a combination of
online & physical participation of the members. It will facilitate the members with online
participation who cannot move to the conference place. It will be worth able by the physical
presence of the decision-makers. It is alluring to people of different sectors i.e., basics users to
the final user and people related to the accounting and commercial sectors.
There will be 300+ representatives and more than 160 organizations from 36 nations.
Covid Lockdown Effects In China
A few regions of China are again on lockdown to control Covid.
Beijing has stopped social activities by closing theaters, galleries, gymnasiums, bars,
etc.
Shanghai has reported more than 40 cases of covid. They rescheduled the entry tests for
colleges in July. Different companies like Ali Baba group & Apple Inc. have closed till
the notification.
An electric vehicle battery manufacturer stated that it manufactures more than the
production level if restrictions uplift.
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