Japanese ferrous scrap export prices continued to rise and deals for #2HMS were heard at JPY25,800-26500/mt($244-251/mt) fas. Yards offered HMS 1&2 (50:50) at $275-278/mt cfr Taiwan and shredded at $295-300/mt cfr.
The monthly Kanto tender remained unaffected by the softening Turkish and Indian subcontinent markets. Suppliers raised offers for all scrap grades by around JPY1,000-1,500/mt from the prior week supported by a rise in the average bids for the Kanto tender on Wednesday. Aiding the prices was also a domestic scrap supply crunch in South Korea, Taiwan, and Vietnam.
Japanese sellers could, therefore, raise prices further in the coming days.
The index for #2 HMS settled at JPY27,100/mt fob Tokyo bay, up by JPY1,225/mt from the prior week with no trades heard.
Trades for #1 busheling scrap were heard at JPY28,300-28,600/mt fas Tokyo. On fob basis, offers for the grade were at JPY29,600-30,000/mt fob Japan. But buyers were not keen at those levels. The weekly Davis Index for #1 busheling settled at JPY29,650/mt fob Japan, up by JPY983/mt from the week prior.
The Davis Index for #1 HMS settled at JPY26,500/mt fas Japan on Wednesday, up by JPY1,250/mt from the prior week. A few trades for #1 HMS concluded at JPY26,000-27,000/mt fas Japan this week.
The index for Japanese HMS 1&2 (50:50) in small bulk cargoes settled at $275/mt cfr Taiwan, up by $4/mt from the prior Wednesday, while the index for Japanese HMS 1&2 (50:50) settled at $285/mt cfr Vietnam, also up by $4/mtwith no trades heard at those levels.
Billet offers for buyers in the Philippines and Thailand were in the range of $435-440/mt cfr