Taiwanese mills reduced bids amid sluggish finished steel demand and weak global cues. The Davis Index for containerized US-origin HMS 1&2 (80:20) fell by $11/mt on Friday from a day ago to $409/mt cfr Taiwan. From a week ago, the index declined by $21/mt. Some traders reduced offers to $410-420/mt to clear inventory and avoid a cash crunch. Offers for USWC HMS 1 & 2 (90:10) were heard at $420-425/mt cfr on Friday.
Mills chose to observe Japanese export and South Korean import price trends before making any buying decision. Many exporters focussed on the completion of previous orders instead of making fresh offers at lower prices.
Tokyo Steel has reduced its ferrous scrap purchase price for the third time in January. Effective Jan 23, Tokyo steel reduced #2 HMS purchase prices by JPY2,000/mt ($19/mt) to JPY38,000/mt del plant Utsunomiya. Bids for deliveries to other four works prices remain unchanged at JPY42,000/mt ($405.5/mt) del Tahara, JPY40,500/mt del Okayama, JPY40,000/mt del plant Kyushu, JPY40,000/mt del Takamatsu,
Hyundai steel booked 45,000mt of Japanese scrap on a fob basis. It consisted of 11,000mt busheling, 20,000 mt HS, and 14,000 mt shredded. The deal was confirmed on Wednesday at bid prices JPY2000-2500/mt lower than the prior deal for Japanese scrap. Hyundai Steel reduced scrap purchase prices on Wednesday with bids for #2 HMS at JPY 39,500/mt fob, HMS 1&2 (50:50) at JPY40,000/mt fob, HS at JPY 44,000/mt fob, shredded at JPY44,000/mt fob and busheling at JPY45,000/mt fob.