Trading in Southeast Asian domestic ferrous scrap markets remained slow amid the COVID-19 pandemic, seasonal slowdown, and rainfall.
The weekly Davis Index for HMS 1&2 (80:20) settled at CNY3,680/mt ($/mt), down by $50/mt del China consumer on Tuesday.
Shagang Group has cut its steel scrap procurement price by CNY50/mt ($7.7/mt) effective Aug 6.
The weekly Davis Indexes for domestic Heavy A settled flat at KRW570,000/mt ($496.59/mt) del Incheon and KRW570,000/mt ($496.59/mt) del Pohang.
The weekly Davis Index for domestic Light A was also unchanged at KRW540,000/mt ($470.46/mt) del Pohang. Offers for the grade ranged between KRW535,000/mt-KRW545,000/mt del mill.
Trading in the domestic market slowed as many mills have announced maintenance. Supply, however, remains tight.
The weekly Davis Indexes for domestic HMS 1&2 (80:20) settled flat at TWD12,300/mt ($440.63/mt), del Northern mill and TWD12,000/mt ($429.89/mt), del Southern mill.
Feng Hsin Steel kept its scrap purchase bids flat for the second week, while rebar prices were decreased by TWD300/mt ($10.77/mt). The producer kept the prices of section steel flat.
The Davis Index for imported HMS 1&2 (80:20) settled at $427/mt cfr Taiwan, down $9/mt from Tuesday with offers of around $430/mt cfr.
Tokyo Steel kept its ferrous scrap purchase prices unchanged. Bids for HMS #2 are at JPY49,500/mt ($451.39/mt) del Tahara, JPY50,500/mt ($458.54/mt) del Okayama, JPY49,000/mt ($444.92/mt) del Kyushu, and JPY49,000 ($444.92/mt) del Takamatsu.
Demand for HMS #2 could remain weak. Scrap collection also remains low amid Obon holidays.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND109,265/mt ($4.77/mt) to VND9,940,735/mt ($434.20/mt) delivered Southern mill.
Vietnam extended movement restrictions till Aug 22 in the business hub Ho Chi Minh and another 18 cities and provinces in the southern region to curb the spread of COVID-19.
The weekly Davis index for domestic HMS 1&2 (80:20) settled at THB13,250/mt ($396/mt), down by TWD50/mt ($1.49/mt) del Rayong mill.
Thai mills continued to stay silent amid COVID-19 restrictions.
The weekly Davis Index for HMS 1&2 (80:20) settled at MYR1,695/mt ($400.85/mt) del eastern mill and MYR1,665/mt ($393.76/mt), down MYR15/mt ($3.55/mt) del western mill. Malaysia could relax some movement restrictions soon.
($1= JPY110.35; TWD27.85; CNY6.48; THB33.46; MYR4.23; VND22948.20; KRW1,149.41)