OfBusiness SS Scrap Dailies | 11th August 2023

Price

• Today, Steel bundled Scrap import offers opened with a 1.44% increase at $422-425/ton CFR India basis.
• The Scrap rate for SS 304 remains unchanged at Rs. 125/kg, while the rate for 201 J5/J8 mixed Scrap is also unchanged at Rs. 70/kg.
• Rimjhim Ispat maintains its 304 Scrap selling rate at Rs. 127/kg.
• Jindal is purchasing Scrap at the following prices:
  • 304: Rs. 1,34,364/ton
  • 321: Rs. 1,46,430/ton
  • 301: Rs. 1,16,598/ton
  • 316L: Rs. 2,37,889/ton
  • J5 Patta: Rs. 73,700/ton
  • J8 Patta: Rs. 71,700/ton

Demand and Supply

• While the rest of SS Scraps are abundant in supply, there is a slight shortage of 316L Scrap, according to industry participants.

News

• In the San Francisco Bay Area (USA), a fire erupted Wednesday afternoon in a pile of Scrap metal at Schnitzer Steel, a recycling facility near the Port of Oakland. The fire sent a plume of smoke over a large area of the city and other parts of the East Bay. The Oakland Fire Department responded swiftly and managed to contain the flames to a single pile of debris, according to the city.
• Hyundai Steel Co., South Korea’s second-largest Steelmaker, announced on Thursday its successful collaboration with the in-house startup 3I Solution to domestically develop an industrial neutron composition analyzer. This device analyzes material composition using unique gamma rays generated when elements react with neutrons. The analyzer enables comprehensive inspections during material transfer and utilizes real-time data to enhance production efficiency in the manufacturing process. Previously, analyzing the composition of iron ore and iron Scrap took an average of about 8 hours from raw material sampling to inspection.
• In the US, Stainless Steel Scrap prices remained unchanged in the second week of August. Prices are as follows:
  • 201: $0.20 USD/LB
  • 304 Prepared Scrap: $0.33 USD/LB
  • 400 series: $0.07 USD/LB
  • 316L Scrap: $0.55 USD/LB
  • 309 Scrap: $0.75 USD/LB
  • 310: $0.95 USD/LB
  • 304 Unprepared Scrap: $0.27 USD/LB

OFB’s Opinion

• Currently, the market faces a slight shortage of 316L Scrap. Therefore, it is advisable for Scrap dealers to consider storing some 316L Scrap, keeping in mind its medium to long-term potential.