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

South Korea’s Hyundai Steel, Friday, raised bids for Japanese ferrous scrap by JPY7,000/mt ($64/mt) from April 16 amid strong demand and tight supply. The revised bids, fob Japan, for H2 now stand at JYP50,000/mt, H1/H2 at JPY50,500/mt, shredded at JPY54,000/mt, HS scrap equivalent to P&S at JPY55,000/mt, and Shindachi at JPY56,000/mt.


On Friday, Japanese steelmaker Tokyo Steel announced a price hike for the third time this week following the Kanto tender on May 11. The shortage of supply, robust global cues, and healthy demand prompted the steelmakers to raise the ferrous scrap prices by JPY1,000/mt ($9.15/mt) for all grades delivered to Tahara, Okayama, Kyushu, Utsunomiya, and Takamatsu factories. Tokyo Steel’s revised bids for #2 HMS are at JPY50,000/mt del Tahara mill JPY49,000/mt del Okayama, JYP48,500/mt del Kyushu, JPY47,000/mt del Utsunomiya, and JPY47,500/mt del Takamatsu.


($1 = JPY109.34) 

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