The weekly Davis Index for #2 HMS, Wednesday, rose by JPY1000/mt ($9.10/mt), to JPY47,000/mt ($427.83/mt) fob Japan and JPY46,000/mt ($418.73/mt) fas Japan.
The weekly Davis Index for Japanese P&S 5ft (small bulk) settled flat at $535/mt cfr China port on Wednesday.
The weekly index for the #1 busheling (shindachi) settled flat at JPY64,000/mt (577.98/mt) fob Japan and JPY62,000 ($559.92/mt) fas Japan.
The weekly Davis Index for shredded flat at JPY54,000/mt ($487.67/mt), and the index for HS unchanged at JPY59,750/mt ($539.60/mt) fas Japan.
Offers for Japanese HMS 1&2 (50:50) heard at $485/mt cfr Vietnam, with the index for the grade settling flat at $475/mt cfr Haiphong. Mills kept their bids at $465/mt cfr Vietnam. Vietnam will be under COVID-19 lockdown until Sep 15 and demand is expected to remain weak. Freight charges from Japan to Vietnam range from $55/mt-$60/mt.
Offer for #2 HMS heard at $480-$485/mt whereas bid is heard at $475-$480/mt cfr Vietnam.
The index for Japanese HMS 1&2 (50:50) settled flat at $460/mt cfr Taiwan. Offer for the grade at $465/mt while bids were at $455/mt cfr Taiwan.
Offers for Japanese high grades stayed firm.
Deteriorating rate of scrap generation and a pressure on steel prices is making it difficult for Tokyo steel to decrease their buying scrap purchase prices.
Meanwhile, Japan’s COVID-19 emergency lockdown will last till Sep 12 in Tokyo and other areas as cases surge and threaten the medical system.
The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled at $438/mt cfr South Korea, up by $8/mt.
The weekly Davis Index for P&S 5ft is flat at $468/mt while the index for shredded is at $463/mt cfr South Korea, up by $8/mt.
The weekly Davis Index for #1 HMS rose by $9/mt to $446/mt cfr South Korea.
Korean local scrap continues to be cheaper than import.
Some steelmakers halted production for EAF maintenance.
Dongkuk steel purchased Russian A3 at $480/mt cfr South Korea.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20) settled at $442/mt cfr Taiwan, up $7/mt. Most offers were at $445-450/mt cfr Taiwan.
The weekly Davis index for HMS 1&2 (50:50) is flat at $460/mt cfr Taiwan.
($1=JPY109.75, TWD27.95, KRW1166.16)