The weekly Davis Index for HMS 1&2 (80:20) rose by CNY70($10.83/mt) to CNY3,750/mt ($580.11/mt), delivered China consumers on Tuesday.
The daily domestic billet price in China on Tuesday rose by CNY100/mt($15.47/mt) to CNY5,120/mt ($792.04/mt) ex-Tangshan inclusive of VAT.
The weekly Davis Index for domestic Heavy A dropped by KRW2500/mt($2.15/mt) each to KRW565,000/mt ($485.83/mt) del Incheon and KRW575000/mt ($494.43/mt) del Pohang. Offers for the grade were at KRW580,000/mt del Pohang on Tuesday.
The weekly Davis Index for domestic Light A on Tuesday was down by KRW2,500/mt to KRW545,000/mt del Pohang. Offers for the grade were heard at KRW550,000/mt del mill Pohang.
Demand for domestic scrap is currently low in sync with the weakness in global steel prices.
The weekly Davis Index for domestic HMS 1&2 (80:20) rose by TWD200/mt($7.3/mt) at TWD11,900/mt ($430/mt), del northern mill, and TWD11,600/mt ($419.87/mt) del southern mill.
Feng Hsin Steel lifted scrap purchase prices up by TWD200/mt ($7.3/mt) for low grade and TWD300/mt ($14/mt) for high grades for Sept 6-10 deliveries to boost supplies. Meanwhile, mini-mills kept their rebar list prices stable this week driven by weak construction steel demand.
The weekly Davis Index for imported HMS 1&2 (80:20) settled at $453/mt cfr Taiwan, up $13/mt from prior Tuesday with offers at $445-450/mt cfr. Scrap prices are on the rise due to high freight rates from the US west coast to the country along with a shortage of containers for shipment.
Tokyo steel kept its ferrous scrap purchase prices flat after cutting JPY500/mt ($4.54/mt) at Utsunomiya plant on Sept 3.
HMS #2 bids at JPY48,500/mt ($442.12/mt) del Tahara, JPY50,000/mt del Okayama, JPY48,500/mt del Kyushu, JPY47,500/mt del Utsunomiya and JPY48,000 del Takamatsu.
Domestic market is quiet with limited scrap generation.
Toyota’s announcement to cut 40pc of its global production driven by a lack of semiconductors dampened market sentiments.
Japan is currently under a lockdown until Sept 12, with the emergency measures imposed in Tokyo and other areas to curb the spread of the COVID-19 pandemic.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam rose by VND115,782/mt ($5/mt) to VND 10219930/mt ($448.62/mt) delivered southern mill.
Hoa Phat offered billet at $710/mt cfr China/Taiwan.
US-origin deepsea offers for HMS 1 &2 80:20 continues to be $490-$495/mt cfr Vietnam.
Vietnam has imposed a strict lockdown in Ho Chi Minh City and deployed the army to ensure its implementation. Lockdown has been extended till Sept 15. However, the government is considering reopening economic activities in the second half of September.
The weekly Davis index for domestic HMS 1&2 (80:20) settled flat at THB13,384/mt ($410.68/mt) del Rayong mill.
Lockdown restrictions were eased last week and certain construction projects have resumed under strict supervision.
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,735/mt ($417.37/mt) del eastern mill and MYR1,705/mt ($410.15/mt) del western mill.
The country is currently under lockdown due to increased COVID-19 cases.
($1= JPY110.02; TWD27.63; CNY6.46; THB32.59; MYR4.16; VND22781.07; KRW1,162.95)