Softening cues in the global ferrous scrap market kept deals in East and Southeast Asian domestic markets slow this week.
The weekly Davis Index for HMS (80:20) went up by CNY250/mt to CNY3,750/mt ($579.16/mt) del mill on Tuesday.
Domestic billet prices are at CNY4,800 ($741.14/mt), down by CNY150/mt ex-Tangshan, including VAT.
Shagang steel has cut rebar prices for the third time in June.
Iron ore prices were at $206.6/mt cfr North China for 62pc Fe content, down by over $13/mt from the peak on June 17. Government bodies in the country have initiated a probe on the iron ore market on Monday to keep the commodity prices in control in the domestic market.
The weekly Davis Index for domestic Heavy A rose by KRW32,500/mt ($28.63/mt) and KRW10,000/mt ($8.81/mt) to KRW540,000/mt ($475.71/mt) del Incheon and KRW525,000 ($462.50/mt) del Pohang, respectively.
The weekly Davis Index for domestic Light A was unchanged at KRW502,500/mt ($442.68/mt) del Pohang.
In the domestic market, scrap prices rose due to a supply crunch and a strong appetite for scrap.
Hyundai steel’s bids for bushelling were at JPY60,000/mt fob Japan port, up by JPY3,000/mt amid tight supply.
The weekly Davis Indexes for domestic HMS 1&2 (80:20) remained unchanged at TWD12,300/mt ($439.36/mt) and TWD12,100/mt ($432.22/mt) del Northern and Southern mill, respectively.
Feng Hsin kept domestic scrap purchase prices unchanged this week in a quiet market.
Prices are unlikely to rise for a while due to wet weather and weak billet demand in the region.
Tokyo Steel has kept its scrap purchase prices unchanged since May 18. Bids for #2 HMS remain at JPY51,500/mt del Tahara works, JPY50,000/mt del Okayama and Kyushu, JPY48,000/mt del Utsunomiya, and JPY48,500/mt del Takamatsu. Scrap supply is still tight in Japan, but demand has softened.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam increased by VND200,000/mt ($8.69/mt) to VND10,500,000/mt ($456.39/mt) delivered Southern mill.
Ferrous scrap prices rose due to bullish Japanese offers and tight supply, but the demand stays low.
The weekly Davis index for domestic HMS 1&2 (80:20) rose by THB350 ($11.03/mt) to THB13,800/mt ($435/mt) del Rayong mill. Thai mills were silent this week.
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,875/mt ($455.43/mt) del eastern mill and MYR1,750/mt ($425.07/mt) del western mill.
Malaysia is under lockdown until June 28.
($1= JPY110.50; TWD28; CNY6.47; THB31.72; MYR4.12; VND23006.49; KRW1,135.13)