Domestic ferrous scrap prices in Southeast Asia dropped as COVID-19 related restrictions hit steel demand in many markets. Mills kept their bids low. Except for China, buyers in the region were silent.
The weekly Davis Index for HMS 1 & 2 (80:20) settled unchanged at CNY3,750/mt ($578.83/mt) del mill on Tuesday.
Domestic billet prices rose to CNY5,180 ($799.56/mt) ex-Tangshan, including VAT, up by CNY80/mt ($12.35/mt) from a week ago.
The weekly Davis Index for domestic Heavy A settled at KRW557,500/mt ($485.81/mt) del Incheon, up by KRW17500/mt ($15.25/mt) and KRW565,000/mt ($492.34/mt) del Pohang, up by KRW20,000/mt ($17.43/mt).
The weekly Davis Index for domestic Light A settled at KRW540,000/mt ($470.56/mt) del Pohang, up by KRW30,000/mt ($26.14/mt).
Domestic demand is healthy, but deals for overseas materials were low.
Deals for Japanese HS and shredded were reported at $590/mt and $573/mt cfr South Korea, respectively.
The weekly Davis indexes for domestic HMS 1&2 (80:20) remained unchanged at TWD12,600/mt ($449.02/mt) and TWD12,400/mt ($441.89/mt) del Northern and Southern mill, respectively.
Feng Hsin Steel kept its scrap purchase bids and rebar prices flat.
The Davis Index for imported HMS 1&2 (80:20) settled at $455/mt cfr Taiwan, down $3/mt from Tuesday.
Tokyo Steel reduced its ferrous scrap purchase prices by JPY500-JPY1,000/mt, depending on the grade, for deliveries to four of its five works effective July 20. Bids at the Utsunomiya plant have been kept unchanged. A rise in COVID-19 cases has impacted market sentiment.
After the revision, bids for #2 HMS were at JPY50,000/mt ($455.63/mt) del Tahara, down by JPY1,000/mt ($9.11/mt). While bids for the grade are at JPY50,500/mt ($460.19/mt) del Okayama, JPY49,000/mt ($446.52/mt) del Kyushu, and JPY49,000 ($446.52/mt) del Takamatsu, down by JPY500/mt ($4.56/mt).
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND136,853/mt ($5.94/mt) to VND10,350,000/mt ($449.44/mt) delivered Southern mill due to a rise in COVID-19 cases.
Billets were offered at $700/mt cfr Manila and $710/mt cfr China/Taiwan.
The weekly Davis index for domestic HMS 1&2 (80:20) is flat at THB13,405/mt ($408.60/mt) del Rayong mill. Thai mills continued to stay silent amid COVID-19 restrictions.
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,750/mt ($414.25/mt) del eastern mill and MYR1,720/mt ($407.15/mt) del western mill. The COVID-19 situation in the country has deteriorated.
($1= JPY109.45; TWD28.07; CNY6.47; THB32.81; MYR4.22; VND23028.50; KRW1,145.32)