The weekly Davis Index for the HMS (80:20), Tuesday, fell by CNY320 to CNY3,400/mt ($531.46) delivered mill.
Domestic billet prices, Tuesday, declined CNY80/mt to CNY4,940/mt ($772.18/mt) ex-Tangshan including VAT.
Iron ore prices fell on Monday reacting to a decline in China’s iron ore imports in May. Prices were pressurized as China accounts for half of the world’s ore consumption.
The weekly Davis Index for domestic Heavy A, Tuesday, dropped by KRW10,000/mt ($8.97/mt) to KRW497,500/mt ($446.16/mt) delivered Incheon and KRW505,000 ($452.89/mt) delivered Pohang.
The weekly Davis Index for domestic Light A settled at KRW492,500/mt ($441.68/mt) delivered Pohang, down by KRW10,000/mt.
Scrap prices dropped amid a severe short supply of steel in South Korea that has paused various construction projects.
A 30,000mt Russian scrap deal heard at $488/mt cfr.
The weekly Davis Indexes for domestic HMS 1&2 (80:20) unchanged at TWD12,300/mt ($443.93/mt) and TWD12,100/mt ($436.71/mt) delivered Northern and Southern mill, respectively.
Feng Hsin kept domestic scrap purchase prices unchanged this week, while the offtake of local rebar remains firm.
Prices are unlikely to rise for a while due to wet weather and weaker billet demand in the region.
EAF steelmaker Tokyo Steel has kept its finished steel prices unchanged since May 18. While bids for #2 HMS remain unchanged at JPY51,500/mt delivered Tahara works, JPY50,000/mt delivered Okayama and Kyushu, JPY48,000/mt delivered Utsunomiya, and JPY48,500/mt delivered Takamatsu. Scrap supply continues to be tight in Japan but demand has softened weighing down prices.
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND250000/mt ($10.90/mt) to VND10,300,000/mt ($449.07/mt) delivered Southern mill.
Vietnamese EAF makers have decided to stay away from ferrous scrap purchases on weak demand.
The weekly Davis index for domestic HMS 1&2 (80:20) declined by THB700/mt ($22.45/mt) to THB13,450/mt ($431.37/mt) delivered Rayong mill. Thai mills focused on domestic scrap purchases amid increasing COVID-19 cases.
Thai buyers expected a maximum of $430/mt cfr Laem Chabang for HMS 1 & 2 80:20. After a fall in the Chinese futures prices on Tuesday, scrap prices could decline further in the coming days, traders said.
The weekly Davis Index for HMS 1&2 (80:20) fell MYR95/mt ($23.06/mt) and MYR100/mt ($24.27/mt) to MYR1,875/mt ($455.04/mt) delivered eastern mill and MYR1,750/mt ($424.71/mt) delivered western mill.
Malaysia is under a tight lockdown.
($1= JPY109.28; TWD27.70; CNY6.40; THB31.18; MYR4.12; VND22942.20; KRW1115.12)