The weekly Davis Index for containerized HMS 1&2 (80:20) settled at $231/mt cfr South Korea, down by $7/mt.
Mills are struggling with weak finished and semi-finished steel demand and prices in the domestic and other Asian markets. Importers believe prices are unlikely to fall further as prices in Turkey are largely unchanged. The index for US-origin HMS 1&2 (80:20)settled flat at around $255/mt from last Friday.
The index for #1 busheling, P&S 5ft and #1 HMS decreased by $6/mt to $258/mt cfr ,$251/mt cfr and $240/mt cfr, respectively.
The weekly indexes for containerized shredded and machine shop turnings scrap settled at $242/mt, down by $8/mt and $219/mt cfr, down by $5/mt South Korea. Bids for shredded were at $240/mt cfr South Korea with no trades heard.
In the bulk market, South Korean mills lowered their bids for Japanese #2 HMS to JPY22,000/mt fob Japan. Trades were limited as many buyers are waiting for clarity in price direction from the Kanto Tetsugen to be announced on Thursday. There were no buyers for the scrap of Russian-origin.
Domestic ferrous scrap prices continued to fall amid low to no trades. Mills have piled up scrap inventories and major steelmakers like Dongkuk, SeAH, YK, Daehan and Hyundai Steel lowered domestic scrap purchase prices by KRW10,000-15,000/mt del plant for a third successive week.
The Davis Index for domestic Heavy A settled at KRW300,000/mt ($250.86/mt) del Incheon, down by KRW7,500/mt, from the prior Tuesday. The Davis Index for Heavy A settled at KRW280,000/mt del Pohang, down by KRW10,000/mt from the prior Tuesday. The weekly Davis Index for domestic Light A settled at KRW255,000/mt delivered Pohang plant, down by KRW10,000/mt.