Taiwan’s imported ferrous scrap market continues to struggle with slow demand. The weekly Davis Index for containerized #1 HMS dropped $8/mt to settle at $465/mt whereas the index for #1 bushelling dropped by $2 to $492/mt cfr Taiwan.
The index for shredded dropped by $9/mt to $478/mt cfr Taiwan, the index for P&S 5ft dropped by $8/mt to $485/mt.
The weekly index for HMS 1&2 (80:20) settled at $457/mt cfr Taiwan port, down by $8/mt. Offers for the grade heard at $465/mt.
The growing outbreak of COVID-19 led the Vietnamese government to impose a strict two-week lockdown in the country’s capital and commercial hub Ho Chi Minh city. This week many factories suspended operations to protect workers and curb the spread of the virus.
The weekly Davis index for containerized #1 HMS, Thursday, dropped by $8/mt to settle at $477/mt cfr Vietnam. The weekly index for shredded dropped by $9/mt to $488/mt cfr Vietnam, while the index for P&S 5ft dropped by $8/mt to $495/mt cfr Vietnam.
The weekly index for #1 bushelling dropped by $5/mt to $505/mt cfr Vietnam port.
The weekly Davis index of HMS 1&2 (80:20) settled at $467/mt cfr Vietnam, down by $8/mt from the prior week.
A Vietnamese buyer is heard to have bought 5,000mt Japanese #2 HMS at $505/mt cfr Vietnam.
Billet offers for August shipment range from $685/mt-$$770/mt.
The weekly Davis index for P&S 5ft fell $1/mt to $510/mt cfr Indonesia port. Bids for P&S 5ft at $500-505/mt cfr Indonesia port.
The weekly Davis Index for shredded dropped by $1/mt to settle at $505/mt while the index jumped by $1/mt to $522/mt cfr Indonesia port for #1 busheling.
Much of the ferrous scrap trading in Indonesia is halted due to the extension of lockdown until July 20. Steel production and scrap generation were impacted as industrial oxygen is diverted for medical use.
Tokyo Steel kept its ferrous scrap purchase prices unchanged on Thursday. 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.
Meanwhile, prices of #2 HMS and prime grades are heading northwards amid strong demand and scarce supply.
Bids for Japanese P&S equivalent to HS grade heard at JPY65,000/mt cfr Vietnam.
A deal for H1:H2 heard at JPY48,000/mt fob or JPY52,000/mt cfr, equivalent to $470/mt.
The gap between HS and H2 prices is widening amid strong demand for primes. The difference is now around JPY15,000/mt.
($1= JPY109.73, TWD 27.89, VND23,011, IDR14,503.25)