US ferrous scrap offer prices to East Asia rise on higher steel prices

Singapore (Platts)--26Jul2013/933 am EDT/1333 GMT Suppliers of US ferrous scrap raised their offer prices to East Asia during the week ended Friday due to rising iron ore and Chinese steel prices, trading sources said. New offer prices to China have risen this week to $370-375/mt CFR 80/20 basis, Chinese trading sources said. Last week, four bulk cargoes of US scrap concluded at $365/mt CFR China heavy melting scrap I/II 80/20 scrap basis and one bulk cargo at $365/mt CFR Korea HMS I basis. "Scrap prices are firming. Chinese steel prices are up and spot iron ore prices are firm too," an analyst said. A Chinese trader was widely heard in the market to be in negotiations to book bulk scrap from US and this reflected more bullish buying sentiment, he added. In Taiwan's containerized scrap market, a leading US supplier sold 80/20 in container at $350/mt CFR, up from $346-348/mt CFR a week earlier. The volume booked was estimated at less than 10,000 mt. However, some Taiwanese mills were also bidding lower at $345-348/mt CFR during the week because domestic rebar prices were still sluggish in Taiwan, local trading sources said. A Taiwanese mill booked 6,000 mt of Japanese composite H1 and H2 grade scrap at around $350/mt CFR Kaohsiung H2 scrap basis. Last week, the same mill had booked H2 grade scrap at $344/mt CFR. Scrap offers from Japan have dwindled. The few offers being made are prevailing at $355/mt CFR Taiwan for H2 grade scrap. "These offers are not workable for buyers here," a Taiwanese trader said. Offer prices for Japanese H2 grade scrap in Vietnam have similarly risen. Offers are up by $5-10 week-on-week to $365-370/mt CFR. Local trading sources said that there are no takers at this price. Containerized 80/20 scrap from Central and South America, and West Africa were heard recently concluded at $340-345/mt CFR Vietnam, traders in Vietnam said.

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Weekly Aluminum Price Index: Scrap in China Rises Significantly

The week’s biggest mover on the weekly Aluminum MMI®, Chinese aluminum scrap jumped 4.6 percent. The cash price of Chinese aluminum fell 0.8 percent after rising 0.3 percent the week before. Chinese aluminum billet fell 0.7 percent over the past week. Chinese aluminum bar remained essentially flat. * Get the complete prices every day on the MetalMiner IndX℠ Following a 1.9 percent increase in the week prior, the cash price of primary aluminum fell 4.2 percent on the LME last week to $1,732 per metric ton. The 3-month price of aluminum fell 3.9 percent on the LME to $1,778 per metric ton after rising 1.9 percent the week before. The cash price of primary Indian aluminum rose 2.6 percent over the past week. European 5083 plate saw a 0.6 percent decline over the past week. After a 0.2 percent decline, European 1050 aluminum closed out the week. Korean 3003 coil premium over 1050 sheet remained unchanged for the week. Also no movement for Korean 5052 coil premium over 1050 sheet. S

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History of smelting

Early iron smelting[edit]

Main article: History of ferrous metallurgy

Where and how iron smelting was discovered is widely debated, and remains uncertain due to the significant lack of production finds. Nevertheless, there is some consensus^{[citation needed]} that iron technology originated in the Near East, perhaps in Eastern Anatolia.

In Ancient Egypt, somewhere between the Third Intermediate Period and 23rd Dynasty (ca. 1100–750 BC), there are indications of iron working. Significantly though, no evidence for the smelting of iron from ore has been attested to Egypt in any (pre-modern) period. There is a further possibility of iron smelting and working in West Africa by 1200 BC.^[5] In addition, very early instances of carbon steel were found to be in production around 2000 years before the present in northwest Tanzania, based on complex preheating principles. These discoveries are significant for the history of metallurgy.^[6]

Most early processes in Europe and Africa involved smelting iron ore in a bloomery, where the temperature is kept low enough so that the iron does not melt. This produces a spongy mass of iron called a bloom, which then has to be consolidated with a hammer. The earliest evidence to date for the bloomery smelting of iron is found at Tell Hammeh, Jordan (see also external link), and dates to 930 BC (C14 dating).

Later iron smelting[edit]

Main article: Blast furnace

From the medieval period, the process of direct reduction in bloomeries began to be replaced by an indirect process. In this, a blast furnace was used to make pig iron, which then had to undergo a further process to make forgeable bar iron. Processes for the second stage include fining in a finery forge and, from the Industrial Revolution, puddling. However both processes are now obsolete, and wrought iron is now hardly made. Instead, mild steel is produced from a bessemer converter or by other means.https://en.wikipedia.org/wiki/File:Tiangong_Kaiwu_Tripod_Casting.jpg