Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Imported ferrous scrap trades in Bangladesh were subdued as mills awaited clarity on global price direction. 


The Davis Index for containerized shredded scrap settled at $302/mt cfr Chattogram on Friday, down from $304/mt cfr Chattogram a week ago. Trades for containerised Shredded concluded at $300-305/mt cfr Chattogram.


Steel mills held enough ferrous scrap inventories and stayed away from trades as they seek clarity on the global price direction. Global ferrous prices fell by over $10/mt this week, but buyers awaited for  prices to decline further before booking cargoes. Trades are likely to pick up if the prices fall by another $5-10/mt next week.


US-origin HMS 1&2 (80:20) in bulk cargoes was offered at $290/mt cfr Chattogram, with no takers at those price levels. 


The Davis Index for Australia and US origin containerized HMS 1&2 (80:20) fell by $9/mt and settled at $285/mt cfr Chattogram. 

Containerised South American HMS 1&2 (80:20) traded at $280-282/mt cfr Chattogram matching the fallen bids by buyers. 


P&S from Brazil traded at $305-310/mt cfr Chattogram with Busheling scrap trades at $315/mt cfr Chattogram.


Trades thinned in the subdued markets and impacted domestic ferrous scrap prices which fell by BDT1,000/mt in Bangladesh.  


 The Davis Index for domestic shipbreaking HMS 1&2 (80:20) fell to BDT29,000/mt inclusive of local taxes ex-yard Chattogram, down BDT1,000/mt ($12/mt) from the prior week. The weekly index for billet settled at BDT45,000/mt ex-works Dhaka, unchanged on weakened demand in the market.


Rebar offers by large sized steel mills were at BDT61,000-62,000/mt ex-works Chattogram, unchanged from the prior week. Offers by medium-sized steel producers were at BDT54,000-54,500/mt inclusive of taxes ex-works producer, also unchanged from the prior week. 



Japan’s Tokyo Steel announced second price cut in a week’s period. Prices for domestic ferrous scrap lowered by JPY500/mt ($5/mt) at all five works, effective Jan 31. 


Earlier, the company lowered its  ferrous scrap prices by JPY500/mt effective  Jan 29. After the latest price revision, Tokyo steel will pay JPY23,500/mt for Japanese #2 HMS scrap delivered to its Tahara plant in the central region and Utsunomiya plant in the Kanto region. The purchase prices for #2 HMS del Okayama plant is at JPY22,000/mt and at JPY21,000/mt del Takamatsu steel center  .

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