The weekly Davis Index for containerised HMS 1&2 (80:20) settled at $240/mt cfr South Korea, up by $12/mt. Mills slowed down bookings for US-origin containerised scrap amid falling demand and a rise in offers by $17/mt to $245/ mt Bids, however, increased by $7/mt. Tukey’s HMS 1&2 (80:20) index increased by $9/mt to $254.63/mt from May 20.
The index for containerised shredded settled at $248/mt cfr South Korea, up by $9/mt on Wednesday. No major trades were heard due to increase in offer prices to $250/mt. Offers for HMS 1&2 (80:20) went up by $5 to $230/mt cfr South Korea with trades heard at $228/mt.
No major trades for busheling and P&S scrap and their indexes settled up by $7/mt to $265/mt and $255/mt cfr South Korea, respectively, also on high offers.
In the bulk market, US West Coast-origin #1 HMS was offered at $265-270/mt cfr Incheon last week. Japanese mills offered #2 HMS at $250-255/mt cfr for July shipments, up by $10-15/mt.
South Korean domestic scrap prices moved up by KRW15,000-20,000/mt from the prior week. Hyundai steel raised domestic scrap prices by KRW20,000/mt to KRW310,000/mt del mill due to tight supply.