The weekly index for #2 HMS, Wednesday, was flat at JPY50,000/mt ($450/mt) fob Japan and JPY49,000/mt ($441.27) fas Japan.
Japanese P&S 5ft (small bulk) settled at $550/mt cfr China port, up by $10/mt. Domestic billet prices were at CNY4,800 ($741.14/mt), down by CNY150/mt ex-Tangshan, including VAT, as of Tuesday.
In the small bulk market, Japanese #1 busheling (Shindachi) offers settled at JPY61,000/mt fob. The weekly index for the grade jumped by JPY1,500/mt to JPY60,000/mt fob Japan and JPY59,000/mt fas Japan. The weekly Davis Indexes for shredded Wednesday, climbed by JPY1,000/mt to JPY55,000/mt, and the index for HS was flat at JPY57,520/mt fas Japan.
Offers for Japanese HMS 1&2 (50:50) stood at $485-490/mt cfr Vietnam, with the index for the grade settling at $480/mt cfr Haiphong, up by $5/mt. Demand was slow despite the firm offers. The index for Japanese HMS 1&2 (50:50), Wednesday, settled flat at $470/mt cfr Taiwan.
The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled at $447/mt cfr South Korea, up by $6/mt. But mills were reluctant to accept prices above $450-460/mt cfr South Korea despite improvement in domestic demand.
The weekly Davis Index for P&S 5ft, Wednesday, rose by $6/mt to $474/mt cfr South Korea, with the index for #1 HMS and shredded rising by the same amount to $457/mt, and $467/mt cfr South Korea, respectively.
USWC bulk offers were heard at $520-525/mt to Korea while offers for #2 HMS were flat at JPY49,000/mt fas from the prior week.
Hyundai steel bid extra for Shindachi busheling on tight supply at JPY60,000/mt fob Japan.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday, settled at $455/mt cfr Taiwan, up by $10/mt. On Wednesday, most offers were at $465-470/mt cfr Taiwan. The weekly Davis index for HMS 1&2 (50:50) settled unchanged at $470/mt, up by $5/mt cfr Taiwan.
Freight rates and global steel demand continue to remain firm.
($1=JPY111.04, TWD27.65, KRW1135.68)