Domestic ferrous scrap prices in Southeast Asia were flat amid softness in Japanese scrap prices after last week’s Kanto tender. Supplies eased as COVID-19 related restriction hit steel demand in some markets forcing mills to keep their bids low.
The weekly Davis Index for HMS 1 & 2 (80:20) settled unchanged at CNY3,750/mt ($579.83/mt) del mill on Tuesday.
Domestic billet prices rose to CNY5,100 ($788.57/mt) ex-Tangshan, including VAT, up by CNY170/mt ($26.29/mt) from a week ago.
Iron ore prices, Tuesday, fell to $218/mt cfr North China for 62pc Fe content on Tuesday, down $4/mt compared to last week.
The weekly Davis Index for domestic Heavy A settled flat at KRW540,000/mt ($476.21/mt) del Incheon and KRW545,000/mt ($480.62/mt) del Pohang.
The weekly Davis Index for domestic Light A settled flat at KRW510,000/mt ($449.76/mt) del Pohang.
Demand is going strong in the country.
The weekly Davis indexes for domestic HMS 1&2 (80:20) remained unchanged at TWD12,600/mt ($450.75/mt) and TWD12,400/mt ($443.59/mt) del Northern and Southern mill, respectively.
Feng Hsin Steel kept its scrap purchase bids and rebar prices flat for the week.
Tokyo Steel kept its ferrous scrap purchase prices unchanged on Tuesday, after reducing prices by JPY500/mt for all grades at
Tahara and Kyushu works on Friday. However, the EAF steelmaker is all set to hike finished steel prices by 2.54-4.64pc for August shipments due to strong demand.
Bids for #2 HMS remain unchanged at JPY51,000/mt ($462.47/mt) del Okayama, JPY49,000/mt ($444.33/mt) del Utsunomiya, and JPY49,500/mt ($448.87/mt) at Takamatsu.
There is a JPY16,500/mt ($149.62/mt) difference between Japanese H2 (equivalent to P&S 5ft) and Busheling grade.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam dropped by VND138,147/mt ($6/mt) to VND10,486,853/mt ($455.70/mt) delivered Southern mill. The drop is due to the impact of COVID-19.
The weekly Davis index for domestic HMS 1&2 (80:20) fell by THB195/mt ($6/mt) to THB13,405/mt ($410.69/mt) del Rayong mill. Thai mills continued to stay silent amid COVID-19 restrictions.
The weekly Davis Index for HMS 1&2 (80:20) fell by MYR10/mt ($/mt) to MYR1,750/mt ($417.46/mt) del eastern mill and MYR1,720/mt ($410.31/mt) del western mill.
Malaysia continues to be under a strict lockdown.
($1= JPY110.28; TWD27.92; CNY6.47; THB32.64; MYR4.19; VND23012.50; KRW1,145.32)