Imported ferrous scrap prices in Asia remained mixed for yet another week. Prices which saw an uptick early this week, fell in the latter half following the global cues.
Japanese ferrous scrap export prices increased by JPY1,000-1500/mt from the prior week on tightened supply. Domestic scrap prices, however, continued a downtrend.Trades between South Korean mills Kanto supplier for #2 HMS were JPY21,500-22,000/mt fob Tokyo bay. Offers for HS and busheling were at JPY25,000-25,500/mt and JPY25,500-26,000/mt fob Japan, respectively.
Imported ferrous scrap prices in Taiwan dropped almost every other in the week following global cues. Taiwanese mills increased domestic ferrous scrap prices by NT$200-300/mt from a week ago, but rebar prices were flat. Billet offers from India and Russia also dropped this week.
In container markets, the daily Davis Index for containerised US-origin HMS 1&2 (80:20) settled at $221/mt cfr Taiwan on Thursday, down by $1/mt from the prior day. Trades for containerised HMS 1&2 (80:20) concluded at $223-225/mt cfr Taiwan early this week and then dropped to $221-222/mt cfr Taiwan by Thursday. A few buyers continued to bid at $215-220/mt cfr Taiwan citing a drop in the global ferrous scrap market. The Davis Index for containerised shredded settled at $232/mt cfr Taiwan, down by $2/mt from the prior week. US-origin containerised shredded was offered at $230-235/mt cfr Taiwan in 20ft containers. Offers for billets from India and Russia were heard in the range $370-380/mt cfr Taiwan.
In bulk markets, Japanese HMS 1&2 (50:50) in small bulk cargoes traded at $232mt cfr Taiwan, down by $3/mt from the prior week. On Thursday, offers from Japanese suppliers dropped by $5/mt to $235-240/mt cfr Taiwan. Japanese #2 HMS in small bulk cargoes traded at $225-230/mt cfr Taiwan.
Vietnamese mills booked limited cargoes this week. Buyers are watchful of global price direction with Japan, a major supplier country placing very few offers. Offers for #2 HMS in small bulk cargoes were in the range of $237-242/mt cfr South Vietnam and $245/mt cfr North Vietnam. Bids, though fell to $230-232/mt late week. Japanese shredded scrap in bulk cargoes was offered at $263/mt cfr North Vietnam. Hong Kong-origin HMS 1&2 (50:50) was offered at $235-240/mt cfr South Vietnam, unchanged from the prior week. Hong-Kong traders now expect prices to rise supported by strengthening stock markets in their country. A northern region steelmaker booked Japanese busheling scrap in 20ft containers at $250/mt cfr Vietnam. Offers for HS scrap were in the range of $275-280/mt cfr North Vietnam. Deals, however, were reported at $265-270/mt cfr Vietnam.
In the container market, the Davis Index for containerised busheling and P&S remained unchanged at $258/mt cfr Vietnam and $250/mt cfr Vietnam. The index for shredded in containers settled at $245/mt, up marginally from $244/mt cfr Vietnam prior week. The Davis Index for containerised HMS 1&2 (80:20) settled at $230/mt cfr Vietnam, up by $3/mt from the prior week. US suppliers offered HMS 1&2 (80:20) at $230-235/mt cfr Vietnam.
Indonesian mills stayed away from buying large quantities amid Ramadan holidays. Still, Indonesian ferrous scrap prices rose following limited supply. Markets in Indian subcontinents stay silent as they continue to remain under COVID-19 lockdown. The Davis Index for containerised P&S 5ft settled at $258/mt cfr Jakarta, up by $3/mt from the prior week. US-origin P&S in 40-foot containers traded at $255-260/mt cfr Jakarta. The weekly index for busheling scrap settled at $263/mt cfr Jakarta, up by $2/mt. The Davis Index for containerised shredded settled at $253/mt cfr Jakarta, up by $3/mt from the prior week. A few buyers were still bidding at $245/mt cfr Jakarta levels. The Davis Index for containerised HMS 1&2 (80:20) settled at $233/mt cfr Jakarta, down by $2/mt from the prior week. Offers of US-origin HMS 1&2 (80:20) were at $235-240/mt cfr Jakarta with no takers.
With the national lockdown ending, some mills in Malaysia resumed bidding for ferrous scrap for their current requirements. US-origin shredded in 20ft containers traded at $248-250/mt cfr Malaysia. South American HMS 1&2 (80:10) in 40ft containers traded at $230-235/mt, cfr Malaysia, up by $10/mt from the prior week.
A steel mill in Thailand was offered HMS bundles at $235-240/mt cfr Thailand by South Korean suppliers.