Hyundai Steel kept its bids unchanged for Japanese #2 HMS at JPY27000/mt ($279.62/mt) fob, HMS1&2 (50:50) at JPY27500/mt. Bids for busheling (shindachi) were raised by JPY500/mt. After the revision, purchase prices for P&S 5ft and shredded were at JPY29,500-31000/mt fob.
The weekly Davis Index for containerized HMS 1&2 (80:20) settled unchanged at $265/mt cfr South Korea. Mills preferred to buy bulk over containerized scrap and limited trades were heard at the index price.
South Korean mills expect Japanese export prices to rise aided by strengthening Japan domestic scrap market where ferrous scrap prices increased by around JPY1,000-1,500/mt on Wednesday. The weekly index for shredded rose by $1/mt to $277/mt cfr South Korea.
South American suppliers offered HMS 1&2 (80:20) at $255-260/mt, up by $5-10/mt from the prior week. But mills were keen on lower-priced Russian bulk scrap and domestic scrap. A deal for Russian A3 scrap was heard at $275/mt cfr South Korea late last week, but offers were at $297/mt cfr on Wednesday.
The index for US-origin shredded and P&S 5ft rose by $7/mt and $6, respectively, to $276/mt cfr with no trades heard.
A mill was heard to have bought Japanese H2 at $255/mt fob, while deals for H2 of other origins were at $280/mt and $288/mt cfr.
The index for US-origin containerized HMS 1&2 (80:20) rose by $1/mt to $269/mt cfr Taiwan on Wednesday. Trades for the grade were heard at $268/mt.
Offers for South American HMS 1&2 (80:20) were at $260/mt cfr. Manufacturers believe trades will rise in September as indicated by the higher bids placed in Kanto tender.