Imported ferrous scrap offers in East Asian markets were firm on Thursday. Domestic billet prices in China were were unchanged at CNY4,940/mt ex-Tangshan, inclusive of 13pc VAT.
Hyundai Steel revised bids for three grades of Japanese small bulk cargoes by JPY4,000/mt. The global steel demand is robust while freight rates remain high.
Revised bids for shredded stood at JPY55,000/mt ($496/mt), P&S (HS) at JPY56,000/mt ($505.69/mt), and busheling (shindachi) at JPY57,000/mt ($514.72/mt) fob Japan.
Domestic scrap prices are gaining momentum gradually. Offers from suppliers saw limited interest from buyers.
The weekly Davis Index for containerized #1 HMS and Shredded, jumped by $1/mt each to $454/mt and $467/mt cfr Taiwan, respectively, on Thursday.
The weekly indexes for P&S 5ft and #1 busheling rose by $1/mt each to $474/mt and $482/mt cfr Taiwan, respectively, on Thursday.
The weekly index for HMS 1&2 (80:20) is at $448/mt cfr Taiwan port, up by $2/mt.
The weekly Davis index for containerized #1 HMS, Thursday, reached $464/mt cfr Vietnam, up by $1/mt. From a week ago, shredded, P&S 5ft, and #1 bushelling indexes rose to $477/mt, $484/mt, and $492/mt cfr Vietnam port, up by $1/mt each.
Offers for US-origin HMS 1&2 (80:20) went up from $450-455/mt to $457/mt cfr Vietnam though demand is still weak. The market has been silent for a while now.
The weekly Davis index for P&S 5ft went up by $10 to $520/mt cfr Indonesia port. Bids for P&S 5ft were at $510/mt.
The weekly Davis Index for shredded and #1 busheling settled up by $10/mt each at $515/mt, and $530/mt cfr Indonesia port, respectively. Trades for HMS 1&2 (80:20) in containers were heard at $496/mt cfr Indonesia.
Tokyo Steel has kept its ferrous scrap purchase bids unchanged since May 18. The bids for #2 HMS stand at JYP51,500/mt del Tahara works, JYP50,000/mt del Okayama, JPY50,000 del Kyushu, JPY48,000/mt del Utsunomiya, and JPY48,500/mt del Takamatsu.
($1= JPY110.74, TWD27.80, VND23,302.80, IDR14,480.39)