The weekly Davis Index for containerised HMS 1&2 (80:20) settled at $245/mt cfr South Korea, up by $5/mt from the week prior and by $17/mt from May 27. Mills slowed down bookings for US-origin containerised scrap amid falling demand and a rise in offers to $250/mt cfr South Korea. A few trades were heard for HMS 1&2 (80:20) at $245/mt cfr south Korea. But most bids were at $240/mt cfr South Korea. The rise in offers was driven by an increase in Turkish ferrous scrap imports. The index for HMS 1&2 (80:20) index increased by $7-10/mt to $262.50/mt cfr Turkey on June 9 from June 03.
The index for containerised shredded and #1HMS settled at $255/mt and $252/mt cfr South Korea, respectively, both up by $9/mt on Wednesday. Few trades were heard for shredded at $255/mt cfr South Korea. Trades for #1HMS were heard at $245/mt cfr South Korea.
No major trades for busheling and P&S scrap were heard with their indexes settling up by $8/mt to $273/mt and $10/mt to $255/mt cfr South Korea, respectively.
In the bulk market, US West Coast-origin #1 HMS was offered at $275-280/mt cfr South Korea this week. Japanese mills offered #2 HMS at $275-280/mt cfr South Korea for July shipments, up by $15-20/mt from the prior week. South Korean mills explored the possibility of buying Russian bulk scrap, priced comparatively cheaper. But, with a proposed ferrous scrap export ban by Russia, most suppliers stayed away from offering material.
South Korean domestic scrap prices moved up by KRW10,000-15,000/mt from the prior week. Prices increased for a second successive week. Hyundai steel raised domestic ferrous scrap purchase prices by KRW20,000/mt to KRW310,000/mt del mill due to tight supply.