Japanese ferrous scrap export prices were flat to up from a week ago. Yards however kept their offers higher than present bid levels following bullish global cues. Billets are being sold tobuyers in the Philippines and Thailand at $420/mt cfr, prices which are $10/mt higher than the prior week.
The Japanese currency appreciated to JPY104.93 against $1 from JPY106.9 a week ago.Resulting lower realisations kept trades limited.
In the Kanto region, suppliers raised offers by another JPY250-500/mt from the prior week. But with buyers unwilling to accept these levels, the weekly index for #2 HMS settled unchanged at JPY23,500/mt fas Tokyo bay.
The weekly index for shredded inched up by JPY250/mt to JPY25,250/mt fas Tokyo bay Japan. A few trades for HS scrap were at JPY25,500-26,000/mt fas Tokyo, up from JPY25,500/mt a week ago.
The Davis Index for #2 HMS settled at JPY24,750/mt ($236/mt) fob Japan on Wednesday, up by JPY250/mt from the prior week. A few trades for #2 HMS concluded at JPY24,500-25,000/mt fob Japan with Taiwanese and Vietnamese mills this week.
Yards raised offers for #2 HMS to JPY25,500-26,000/mt fob Japan. But no importers were interested in these levels amid weak finished steel demand in their respective countries.
The Davis Index for busheling settled at JPY27,500/mt ($262/mt) fob Japan, up from JPY27,000/mt fob Japan on the prior Wednesday.
The Davis Index for Japanese HMS 1&2 (50:50) in small bulk cargoes settled at $258/mt cfr Taiwan, up by $1/mt from the prior Wednesday. Trades for the grade concluded at $255-260/mt cfr Taiwan. Japanese higher grade scrap like shindachi, HS, and shredded scrap were offered in the range of $270-275/mt cfr Taiwan.
In small bulk cargoes, #2 HMS was offered at $260-265/mt cfr Vietnam, up by $5/mt from the prior week. The index for Japanese-origin HMS 1&2 (50:50) settled at $265/mt cfr Vietnam, up by $1/mt from the prior week.
Mills in Vietnam’s southern region booked Japanese HMS 1&2 (50:50) at $265/mt cfr Vietnam, with a few bids still at $260/mt cfr Vietnam. On Wednesday, Japanese HS scrap in small bulk cargoes were offered at $280/mt cfr Vietnam, with no buyers at those levels.
In South Korea, SeAH and POSCO steel are expected to float tenders for Japanese shindachi and shredded scrap this week. Some other mills booked Japanese shredded at JPY28,500/mt cfr South Korea and HS at JPY29,000/mt cfr.
Japan’s domestic ferrous scrap prices moved up by JPY500/mt in the Kanto region.
On Monday, Tokyo steel announced a JPY500/mt ($5/mt) hike for ferrous scrap purchase prices delivered to Utsunomiya. Bids for scrap delivered to its four other works, however, were kept unchanged.
Effective July 28, purchase prices for #2 HMS were at JPY22,500/mt ($213/mt) delivered Utsunomiya works in the Kanto region, up JPY500/mt from the prior price revision on July 17.
Bids for #2 HMS and busheling are at JPY23,500/mt and JPY25,000/mt delivered Kyushu and JPY23,000/mt and JPY24,000/mt delivered Okayama mill.