Ferrous scrap prices in East Asia showed little movement as market participants await for results of Kanto tender, which is scheduled on Thursday, Aug 19. Unfavorable weather conditions, summer seasonality, and a surge in COVID-19 cases has dampened market sentiment.
The weekly Davis Index for #2 HMS, Wednesday, flat at JPY46,000/mt ($415.42/mt) fob Japan and JPY45,000/mt ($406.39/mt) fas Japan.
The weekly Davis Index for Japanese P&S 5ft (small bulk) settled down by $25/mtat $535/mt cfr China port.
The weekly index for the #1 busheling (shindachi) settled flat at JPY64,000/mt (577.98/mt) fob Japan, up by JPY1750/mt 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 at $475/mt cfr Haiphong, down by $5/mt. Mills kept their bids at $465/mt cfr Vietnam.
The index for Japanese HMS 1&2 (50:50) settled at $460/mt, down by $5/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.
Tokyo steel hiked pickled and oiled sheet prices by 2.4pc in September.
Meanwhile, Japan extends its COVID-19 emergency lockdown 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 $430/mt cfr South Korea, up by $6/mt.
The weekly Davis Index for P&S 5ft and shredded jumped by $8/mt each to $462/mt and $455/mt cfr South Korea.
The weekly Davis Index for #1 HMS rose by $5/mt to $437/mt cfr South Korea.
Korean local scrap continues to be cheaper than import.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20) settled at $435/mt cfr Taiwan, up $8/mt. Most offers were at $435-438/mt cfr Taiwan.
The weekly Davis index for HMS 1&2 (50:50) fell $5/mt to $460/mt cfr Taiwan.
($1=JPY109.60, TWD27.84, KRW1170.08)