Containerised ferrous scrap import offers rose marginally in South Korea with Taiwanese buyers accepting higher prices from supplier countries. Steelmakers resumed enquiries for Japanese and US bulk cargoes this week amid falling scrap inventories.
In the bulk market, US West Coast-origin HMS1&2 (80:20) in bulk was offered unchanged at $250/mt cfr South Korea with no takers at those levels. Japan suppliers raised offers by JPY500-1,000/mt fob Japan this week after coming back from Golden week holidays. Offers for #2 HMS were at JPY21,500-22,000/mt fob Japan.
The weekly Davis Index for containerised HMS 1&2 (80:20) settled at $230/mt cfr South Korea, up by $7/mt from previous trade prices. There were no major trades. Offers were at $235-240/mt cfr South Korea. The weekly Davis Index for containerised shredded settled at $238/mt cfr South Korea, up by $3/mt.
The index for P&S settled at $245/mt cfr up by $5/mt and busheling at $258/mt cfr South Korea, up by $3/mt from the prior Wednesday.
Market updates
South Asia
In India, the daily Davis Index for containerised shredded remained unchanged at $260/mt cfr Nhava Sheva on Wednesday. Shredded in containers was offered at $260-265/mt cfr Nhava Sheva with no takers in the market. Prime Minister, Narendra Modi has announced a package of Rs20,000bn to support the country’s economy urging citizens to resort to domestic purchases. Still, domestic steel demand is likely to remain subdued in the near term. Trades for HMS 1&2 (80:20) of Brazil, West Africa and UK origins were at $240-245/mt cfr India.
In Pakistan, the daily Davis Index for containerised shredded settled at $270/mt cfr Port Qasim on Monday, up by $2/mt. The daily Davis Index for HMS 1&2 (80:20) of UAE-origin settled at $255/mt cfr Qasim, up by $1/mt from the prior day. UAE suppliers offered HMS1&2 (80:20) at $250-255/mt cfr Qasim. Offers for #1 HMS and P&S mix were at $260-265/mt cfr Qasim with no takers. UK-origin shredded traded at $270-275/mt cfr Qasim. Major steelmakers including Mughal, Amreli and Agha have resumed operations in the country. Many other mills, however, are awaiting clarity on the possibility of further extension of the lockdown.
In Bangladesh, the daily Davis Index for containerised shredded settled at $275/mt cfr Chattogram, up by $2/mt. Demand, however, remains limited. Offers for shredded rose to $275-280/mt cfr Chattogram on global cues.
The daily index for Latin America origin HMS 1&2 (80:20) settled unchanged at $255/mt cfr Chattogram. Trades were reported at the index price. The index for US-origin HMS 1&2 (80:20) settled at $260/mt cfr Chattogram, down from $263/mt cfr Chattogram. Bids are still at $255/mt cfr Chattogram.
East Asia
In Taiwan, the daily Davis Index for containerised HMS 1&2 (80:20) settled at $228/mt cfr Taiwan, up by $1/mt. US scrap suppliers continued to offer HMS 1&2 (80:20) at $230-235/mt cfr Taiwan.
($1=JPY107)