Ferrous scrap prices in Southeast Asian markets continued to go downhill this week as a new wave of COVID-19 infections raged through the region. Restriction on movement, temporary shutdown of some industries and slower economic activities, including construction work, lowered demand for steel and ferrous scrap.
The weekly Davis Index for #2 HMS, Wednesday, fell JPY500/mt ($4.59/mt) to JPY47,250/mt ($433.32/mt) fob Japan and JPY46,250/mt ($424.15/mt) fas Japan.
The weekly Davis Index for Japanese P&S 5ft (small bulk) settled at $570/mt cfr China port, down by $10/mt.
The weekly index for the #1 busheling (shindachi) settled flat at JPY62,250/mt ($570.88/mt) fob Japan and JPY61,250 ($561.71/mt) fas Japan.
The weekly Davis Index for shredded, Wednesday, dropped JPY5,500/mt ($50.44) to JPY51,000/mt ($467.71/mt), and the index for HS was down by JPY2,750/mt ($25.22/mt) at JPY57,000/mt ($522.73/mt) fas Japan.
Offer for Japanese HMS 1&2 (50:50) heard at $490/mt cfr Vietnam, with the index for the grade settling at $485/mt cfr Haiphong, up by $2/mt. Mills kept their bids at $480/mt cfr Vietnam.
The index for Japanese HMS 1&2 (50:50), Wednesday, settled at $473/mt, up by $5/mt cfr Taiwan. Offer for the grade heard at $480/mt while bids heard at $465/mt cfr Taiwan.
The offshore market offers for HMS #2 heard to range from $415/mt-$425/mt fob.
Japan’s domestic scrap market continues to be quiet. Demand for premium grade outweighs demand for heavy scrap to a large extent. Exporters rued prices of HMS #2 is adversely affected by easing supply with bids lowering week over week.
The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled at $430/mt cfr South Korea, down by $12/mt.
The weekly Davis Index for P&S 5ft and shredded, Wednesday, dropped by $12/mt each to $460/mt and $453/mt cfr South Korea
The weekly Davis Index for #1 HMS, Wednesday, dropped by $12/mt to $438/mt cfr South Korea.
A mill in South Korea is heard to have purchased 90,000mt Russian A3 at $495/mt.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday, settled at $432/mt cfr Taiwan, down $13/mt. On Wednesday, most offers were at $440-450/mt cfr Taiwan. The weekly Davis index for HMS 1&2 (50:50) fell $5/mt to $473/mt cfr Taiwan.
($1=JPY109.04, TWD27.77, KRW1142.21)