The weekly index for #2 HMS, Wednesday, dropped by JPY1,000/mt to JPY47,500/mt ($432.85/mt) fob Japan and dropped by JPY500 to JPY47,000/mt ($428.29) fas Japan.
Tokyo Steel kept ferrous scrap purchase bids unchanged this week.
The weekly index for P&S 5ft (small bulk) China port settled at $560/mt cfr, up by $10/mt. Buyer raised bids to $550-555/mt cfr China on Wednesday. In the Chinese market, domestic scrap fell by CNY600/mt as Shagang Steel-cut prices for the ninth time since May 18. The steelmaker also lowered rebar prices by $55/mt for early June shipments.
In the small bulk market, Japanese #1 busheling (Shindachi) offers were above JPY55,000-60,000/mt fob. The weekly index for the grade jumped by JPY1,000/mt to JPY54,000/mt fob Japan. On a fas basis, the index rose JPY2,000/mt to JPY53,000/mt fas Japan.
The weekly Davis Indexes for shredded and HS, Wednesday, dropped by JPY2,500/mt to JPY49,000/mt and increased by JPY1,500 to JPY53,000/mt fas Japan, respectively.
Offers for Japanese HMS 1&2 (50:50) at $480-500/mt cfr Vietnam, with the index for the grade settling at $470/mt cfr Haiphong, down by $30/mt.
The index for Japanese HMS 1&2 (50:50), Wednesday, dropped by $40/mt to $443/mt cfr Taiwan. Most offers fell to $463-470/mt cfr Taiwan from last week. A deep-sea cargo deal heard at $548/mt cfr Japan.
The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled at $450/mt cfr South Korea, down by $5/mt. Mills were unwilling to accept prices above $445-455/mt cfr South Korea as domestic demand has taken a hit.
The weekly Davis index for P&S 5ft, Wednesday, went down by $5/mt to $475/mt cfr South Korea, while the index for #1 HMS and shredded fell $5/mt to $460/mt, and $467/mt cfr South Korea, respectively.
South Korean mills returned to make bulk purchases from Japan. Strong steel demand from construction and shipbuilding sectors made the country’s mills active in the seaborne market.
Offers for #2 HMS dipped by JPY500/mt to JPY47,000/mt fas from the prior week.
Imported ferrous scrap offers took a dip in Taiwan as Turkish bulk prices dipped with offers for US-origin material at $499.80/mt, down by $14 from last week. Freight rates and stable steel demand also had a role in reducing the prices.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday, settled at $450/mt cfr Taiwan, down by $5/mt. On Wednesday, most offers were in the range of $450-455/mt cfr Taiwan. The weekly Davis index for HMS 1&2 (50:50) is $443/mt.
In the coming days, the appetite for ferrous scrap imports could slow down for a while led by the Chinese government’s price intervention policy. However, this week, domestic steel prices rebound in China. Billets rose by CNY60/mt to CNY5,000 while iron ore prices climbed up to $209.10/mt cfr Tianjin port.
($1=JPY109.70, TWD27.66, KRW1111.84)