Japanese ferrous scrap export prices rose with limited offers in the market. With the ongoing state of emergency in Japan, there were mixed beliefs about price direction.
The weekly Davis Index for #2 HMS settled at JPY20,500/mt ($192/mt) fob Japan on Wednesday, up by JPY1,000/mt.
In small bulk cargoes, #2 HMS was offered at $245-250/mt cfr Vietnam, up by $5/mt from the prior week. Offers for #2 HMS were flat at JPY21,500/mt fob Japan for Vietnamese, South Korea and Taiwanese buyers, despite a downward price trend in the domestic scrap market.
The Davis Index for busheling settled at JPY24,750/mt ($232/mt) fob Japan, up by JPY1,750/mt from the prior Wednesday.
The Davis Index for Japanese HMS 1&2 (50:50) in small bulk cargoes settled at $237/mt cfr Taiwan, up by $9/mt from the prior Wednesday. Taiwanese mills booked HMS at $235-238/mt cfr Taiwan. Subsequently, offers rose to $240/mt cfr Taiwan supported by rising domestic scrap prices in Taiwan.
Japanese HMS 1&2 (50:50) in small bulk cargoes was offered at $245-250/mt cfr Vietnam, up by $10/mt. The index for HMS 1&2 (50:50) settled at $245/mt cfr Vietnam, up by $12/mt from the prior week. A Vietnamese steel mill booked HMS 1&2 (50:50) at index price this week.
Offers for HS and busheling scrap in small bulk cargoes were at $270-280/mt cfr Vietnam, flat from the prior week. Vietnamese steel mills increased enquiries for Japanese scrap as activities in Vietnam gained momentum after lockdown. Many Japan suppliers were away due to golden week holidays starting Wednesday till May 6.
Yards offered #2 HMS at JPY20,500-21,000/mt fas Tokyo bay with the index settling at JPY20,500/mt fas Tokyo bay, up by JPY750/mt from the prior week.
The Davis Index for HS rose by JPY1,250/mt to settle at JPY24,500/mt fas Japan. Trades for HS scrap were reported in the range of JPY24,500-25,000/mt fas Japan.
Japan’s domestic scrap prices continued to fall amid weakened demand. Effective April 28, Tokyo Steel lowered bids by JPY500/mt at Tahara, Okayama and Takamatsu steel centre. Bids for #2 HMS remained unchanged delivered Utsunomiya in Kanto region and Kyushu plant at JPY18,500/mt and JPY17,500/mt, respectively.
Bids for Busheling scrap at Tahara and Utsunomiya remained at JPY20,500/mt fob Japan.
($1=JPY106.56)