China
The weekly Davis Index for HMS (80:20) went up by CNY100/mt to CNY3,500/mt ($546.83) del mill on Tuesday.
Domestic billet prices fell by CNY40 to CNY5,020 ($/mt) ex-Tangshan including VAT.
Iron ore prices started rising again on Monday due to record steel production, tight supply, and robust demand in China. The iron ore price rose to $222.5/mt cfr China on Tuesday for ferrous content 62pc.
South Korea
The weekly Davis Index for domestic Heavy A rose by KRW10,000/mt ($8.94/mt) to KRW507,500/mt ($453.86/mt) del Incheon and KRW515,000 ($460.57/mt) del Pohang.
The weekly Davis Index for domestic Light A settled at KRW502,500/mt ($/mt) del Pohang, up by KRW10,000/mt.
Scrap prices jumped due to tight supply. A mill is heard to have booked bulk HMS #1 equivalent at $510/mt cfr South Korea last week.
Taiwan
The weekly Davis Indexes for domestic HMS 1&2 (80:20) remained unchanged at TWD12,300/mt ($444.72/mt) and TWD12,100/mt ($437.49/mt) del Northern and Southern mill, respectively.
The market was quiet after the Dragon Boat Festival on Monday. Feng Hsin kept domestic scrap purchase prices unchanged this week.
Prices are unlikely to rise for a while due to wet weather and weak billet demand in the region.
Japan
EAF steelmaker Tokyo Steel has kept its scrap purchase prices unchanged since May 18. Bids for #2 HMS remain at JPY51,500/mt del Tahara works, JPY50,000/mt del Okayama and Kyushu, JPY48,000/mt del Utsunomiya, and JPY48,500/mt del Takamatsu. Scrap supply is still tight in Japan, but demand has softened, weighing down prices.
Tokyo Steel, however, lifted its HRC by JPY5,000/mt and kept the rest of the finished steel prices unchanged for deliveries in July, the company stated on Tuesday.
Vietnam
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam remained flat at VND10,300,000/mt ($448.59/mt) delivered Southern mill.
Vietnamese EAF makers have decided to stay away from ferrous scrap purchases on weak demand.
Vietnam’s top HRC supplier, Formosa Ha Tinh Steel (FHS) has kept flat steel prices for the domestic August shipments unchanged from July.
Thailand
The weekly Davis index for domestic HMS 1&2 (80:20) was unchanged at THB13,450/mt ($432.06/mt) del Rayong mill. Thai mills were largely silent this week. Scrap prices could decline in the coming days, believe traders.
Malaysia
The weekly Davis Index for HMS 1&2 (80:20) is flat at MYR1,875/mt ($455.43/mt) del eastern mill and MYR1,750/mt ($425.07/mt) del western mill.
Malaysia has extended its lockdown for two more weeks.
($1= JPY110.10; TWD27.66; CNY6.40; THB31.13; MYR4.12; VND22,960.79; KRW1,118.18)