Japanese ferrous scrap export prices continued to rise with deals for #2HMS at JPY25,500/mt($241/mt) fob. Yards’ offers for HMS 1&2 (50:50) were at $275/mt cfr Taiwan and shredded at $290/mt cfr.
In the Kanto region, suppliers raised offers by another JPY1,000/mt from the prior week. Supply remained tight and prices are likely to remain firm following global cues. The weekly index for #2 HMS settled at JPY24,500/mt fas Tokyo bay, up by JPY1,000/mt from the prior week.
The weekly index for shredded rose by JPY750/mt to JPY26,000/mt fas Tokyo bay Japan, with deals at the index price. Trades were heard for HS scrap at JPY26,500-27,000/mt fas Tokyo, up from JPY25,500/mt a week ago.
The Davis Index for #2 HMS settled at JPY25,500/mt fob Japan on Wednesday, up by JPY750/mt from the prior week. A few trades for #2 HMS concluded at JPY225,500/mt fob Japan with Taiwanese and Vietnamese mills this week.
Yards raised offers for #1 busheling (shindachi) to JPY27,500/mt fas Japan. But no importers were interested in these levels amid weak finished steel demand. Many buyer countries opted for Russian scrap instead.
The Davis Index for #1busheling settled at JPY28,250/mt fob Japan, up from JPY27,500/mt fob Japan on the prior Wednesday. Trades were heard at JPY28,000-28,500/mt fob.
The Davis Index for Japanese HMS 1&2 (50:50) in small bulk cargoes settled at $269/mt cfr Taiwan, up by $11/mt from the prior Wednesday. Trades for the grade concluded at $267-270/mt cfr Taiwan.
In small bulk cargoes, Japanese HMS 1&2 (50:50) cfr Vietnam index settled at $278/mt cfr with no trades heard at those levels. Offers for HS, shindachi, and #2HMS were at $305/mt, $310/mt, and $280/mt cfr Vietnam, respectively.
Sellers in the southern region offered HMS 1&2 (50:50) at $280/mt cfr Vietnam, with a few bids still at $270/mt cfr Vietnam.
In South Korea, POSCO steel announced bids for Japanese HS scrap at JPY30,300/mt cfr South Korea, up by JPY800/mt from the prior week.
Billets are being offered to buyers in the Philippines and Thailand at $425-430/mt cfr, prices which are $10/mt higher than the prior week.
Japan’s domestic ferrous scrap prices remained on an uptrend this week again and rose by another JPY500/mt in the Kanto region.
On Monday, Tokyo steel announced a JPY500/mt ($5/mt) hike for ferrous scrap purchase prices delivered to Utsunomiya. Bids for scrap delivered to its four other works, however, were kept unchanged.
Effective Aug 5, purchase prices for #2 HMS were at JPY23,000/mt ($217/mt) delivered Utsunomiya works in the Kanto region, up by JPY500/mt from the prior price levels.