Imported ferrous scrap prices in South Korea declined by $5-10/mt amidst the Covid-19 outbreak and resulting production slowdown. Mills remained away from buying bulk cargoes.
Though freight rates remained high for all seaborne destinations, it did not impact prices in South Korea since the demand was weak for a second successive week. Containerised import scrap prices fell by $5-10/mt this week.
The weekly Davis Index for containerised HMS 1&2 (80:20) settled at $249/mt cfr South Korea, down $9/mt.
The weekly Davis Index for containerised shredded settled at $259/mt cfr South Korea, down $6/mt driven by a drop in US-origin west coast dockside ferrous scrap prices by $5-10/mt early this week.
South Korean mills booked #2 HMS in bulk cargoes at JPY24,000/mt ($226/mt) fob Japan. Offers were at JPY24,500/mt fob Japan, but buyers were not keen for trades at those prices.
Japanese busheling (shindachi) scrap was offered at JPY26,500-27,000/mt fob Japan to South Korean mills in bulk cargoes. Supply of busheling scrap remained high over relatively weak domestic demand.