Domestic ferrous scrap prices in Southeast Asia increased due to tight supply. But a wide gap between bids and offers kept trading slow.
The weekly Davis Index for HMS (80:20) settled unchanged at CNY3,750/mt ($580.49/mt) del mill on Tuesday.
Imported ferrous scrap offers in China, especially for Japanese HS were at $560/mt cfr, with bids lagging at $530/mt cfr.
Domestic billet prices are at CNY4,860 ($752.31/mt), up by CNY60/mt from a week prior ex-Tangshan, including VAT.
Iron ore prices are at $220/mt cfr North China for 62pc Fe content.
The weekly Davis Index for domestic Heavy A was flat at KRW535,000/mt ($472.85/mt) del Incheon, but up by KRW15,000/mt at KRW540,000/mt ($477.27/mt) del Pohang.
The weekly Davis Index for domestic Light A rose by KRW7,500/mt to KRW510,000/mt ($450.76/mt) del Pohang.
In the domestic market, scrap prices rose due to limited supply.
Hyundai steel reportedly raised rebar prices by KRW17,000 and H steel by KRW30,000/mt for July shipments. Improving steel prices are likely to lift ferrous scrap imports in South Korea.
Offer USWC bulk were heard at around $525/mt cfr South Korea.
The weekly Davis Indexes for domestic HMS 1&2 (80:20) remained unchanged at TWD12,300/mt ($440.61/mt) and TWD12,100/mt ($433.44/mt) del Northern and Southern mill, respectively.
In the seaborne market, offers were around $465/mt-$470/mt cfr Taiwan.
Feng Hsin Steel kept its section steel prices at TWD27,000/mt ex-works.
Tokyo steelmakers kept its ferrous scrap purchase prices unchanged on Tuesday.
Bids for #2 HMS remain at JPY51,000/mt ($460.22/mt) del Okayama, JPY49,000/mt ($442.18/mt) del Utsunomiya, and JPY49,500/mt ($446.69/mt) at Takamatsu.
Japanese sellers were unable to find buyers in Vietnam and Taiwan. They continued to sell in the domestic market, with some export deals in South Korea.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam settled flat at VND10,500,000/mt ($456.08/mt) delivered Southern mill.
The weekly Davis index for domestic HMS 1&2 (80:20) settled unchanged at THB13,800/mt ($430.42/mt) del Rayong mill. Thai mills continued to stay silent.
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,875/mt ($451.64/mt) del eastern mill and MYR1,750/mt ($421.53/mt) del western mill.
($1= JPY110.57; TWD27.92; CNY6.46; THB32.06; MYR4.15; VND23022.50; KRW1,131.43)