The weekly Davis Index for HMS 1&2 (80:20) remained unchanged at CNY3,680/mt ($569.49/mt), delivered China consumer on Tuesday. Strict production cuts have lowered the demand for ferrous scrap in China.
The daily domestic billet price in China on Tuesday dropped by CNY90/mt($13.93/mt) to CNY5,020/mt ($776.86/mt) ex-Tangshan inclusive of VAT.
The weekly Davis Index for domestic Heavy A dropped by KRW12,500/mt($10.81/mt) to KRW567,500/mt ($490.56/mt) del Incheon and by KRW5000/mt($4.32) to KRW577500/mt ($499.20/mt) del Pohang. Offers for the grade were at KRW580,000/mt del Pohang on Tuesday.
The weekly Davis Index for domestic Light A on Tuesday was flat at KRW547,500/mt del Pohang. Offers for the grade were heard at KRW550,000/mt del mill Pohang.
Demand for domestic scrap is currently low in sync with the weakenes global prices.
The weekly Davis Index for domestic HMS 1&2 (80:20) dropped by TWD300/mt($10.85) at TWD11,700/mt ($423.26/mt), del northern mill, and TWD11,400/mt ($412.41/mt) del southern mill.
Feng Hsin Steel slashed local scrap prices by TWD300/mt ($10.85/mt) for low grade and TWD300 ($10.8) for turning and oversized #2 HMS materials.
The weekly Davis Index for imported HMS 1&2 (80:20) settled at $440/mt cfr Taiwan, up $7/mt from prior Tuesday with offers around $435-440/mt cfr.
Tokyo Steel has kept its ferrous scrap prices unchanged since Aug 28 when the market softened.
Bids for #2 HMS were at JPY48,000/mt($436.65/mt) delivered Tahara, JPY49,500/mt ($449.58/mt) delivered Okayama, JPY48,000/mt($435.96/mt) delivered Kyushu, JPY48,000/mt delivered Utsunomiya and JPY47,500/mt delivered Takamatsu.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam dropped by VND46,622/mt ($2.05/mt) to VND10,106,148/mt ($445.22/mt) delivered southern mill.
Vietnam has imposed strict lockdown in Ho Chi Minh City and deployed the army to ensure its implementation. Lockdown has been extended till Sept 15 in the country.
The weekly Davis index for domestic HMS 1&2 (80:20) settled at THB13,384/mt ($414.98/mt), up by THB26/mt ($0.81/mt) del Rayong mill.
The country could ease lockdown and other COVID-19 measures by Sep 1.
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,735/mt ($417.37/mt) del eastern mill and MYR1,705/mt ($410.15/mt) del western mill.
The country is currently under a lockdown due to increased COVID-19 cases.
($1= JPY109.93; TWD27.97; CNY6.46; THB32.25; MYR4.16; VND22699.00; KRW1,156.85)