Japanese ferrous scrap export prices continued to rise and deals for #2HMS were heard at JPY24,750/mt($241/mt) fas. Yards offered HMS 1&2 (50:50) at $271/mt cfr Taiwan and shredded at $290/mt cfr.
In the Kanto region, suppliers raised offers by another JPY500/mt from the prior week. Supply remained tight and prices are likely to remain firm following global cues. The index for #2 HMS settled at JPY25,875/mt fob Tokyo bay, up by JPY375/mt from the prior week.
The weekly index for shredded settled unchanged at JPY26,000/mt fas Tokyo bay Japan, with no deals heard. Trades were heard for HS scrap at JPY26,500-27,500/mt fas Tokyo, up from JPY26,500/mt a week ago.
The Davis Index for #1 HMS settled at JPY25,250/mt fas Japan on Wednesday, up by JPY250/mt from the prior week. A few trades for #1 HMS concluded at JPY25,000-25,500/mt fas Japan this week.
Yards’ offers for #1 busheling (shindachi) were at JPY28,500-29,000/mt fob Japan. But buyers were not interested in these levels. and opted for Russian scrap instead.
The weekly Davis Index for #1busheling settled at JPY28,667/mt fob Japan, up from JPY28,250/mt fob Japan.
The Davis Index for Japanese HMS 1&2 (50:50) in small bulk cargoes settled at $271/mt cfr Taiwan, up by $2/mt from the prior Wednesday, while the index for Japanese HMS 1&2 (50:50) settled at $281/mt cfr Vietnam with no trades heard at those levels. Offers for #2HMS were at $270-275 cfr Vietnam and $265/mt cfr Taiwan.
Billet offers for buyers in the Philippines and Thailand were in the range of $435-440/mt cfr.
Tokyo Steel raised purchase prices by JPY500/mt ($4.7/mt) for deliveries to its Utsunomiya, Tahara, and Kyushu plants on Friday. Japanese domestic market has been flat this week as many steelmakers have scheduled maintenance activities. Obon festivities from Aug 13-16 will also impact trades.