The Davis Index for US-origin containerized HMS 1&2 (80:20), Thursday, settled at $429/mt cfr Taiwan, down $3/mt from April 15 on limited trades. Offers remained high but bids lagged at $425/mt cfr Taiwan.
Market participants indicated that prices fell due to a lack of demand in the bulk market early in the week. Lack of buying from Turkey during Ramadan slowed trades. Scrap prices weakened in South Asia due to uncertainty in the Indian subcontinent amid a significant surge in COVID-19 infections.
Offers for Japanese HMS 1&2 (50:50) remained unchanged at $460/mt cfr Taiwan while bids at $455/mt cfr. Traders said most mills are yet to raise bids.
On a weekly basis, the Davis indexes for containerized #1 HMS, P&S 5ft fell by $4/mt and $3/mt to $438/mt and $456/mt cfr, respectively, from April 15. While the indexes for shredded and #1 busheling remained unchanged at $448/mt and $464/mt cfr amid lower demand for higher grade scrap this week, said traders.
Mills are cautiously watching Chinese, South Korean and Vietnamese buying. Some have resumed bulk bookings to cater to rebar demand pushing offers up slightly.
In the containers market, the weekly index for US-origin HMS 1&2 (80:20), Thursday, fell by $2/mt to $438/mt cfr Vietnam from the prior week. Bids remained stable at $ 435/mt. An uptick in freight charges limited trades from USWC during the week.
Importers were in negotiations for #1 bushelling in deep-sea cargo from the US. Offers for the grade heard at $470-475/mt cfr.
Mills are checking Turkish purchases that have dwindled due to the Ramadan holidays. The Turkish index for HMS 1&2 (80:20), Wednesday, fell by $ 6/mt to $217/mt from the prior week (April 15). Market sources have informed that some recent deals have shown price improvement.
On a weekly basis, the Davis Indexes for containerized #1 HMS declined by $2/mt to $446/mt cfr. Shredded, P&S 5ft and #1 busheling fell steeply by $13/mt, $12/mt and $11/mt, respectively, with buyers wary of low availability of scrap in Japan and higher offers from US yards. Immediate requirement was met with short transit scrap from Hong Kong and Singapore.
In small bulks, offers for Japanese HMS 1&2 (50:50) rose by $4/mt to $468/mt cfr but no deals heard at higher prices.
The Davis Index for HMS 1&2 (80:20) increased by $5/mt to $444/mt cfr Jakarta with mills buying limited scrap and preferring short transit origins for immediate requirement during Ramadan. Mills have slowed new imported scrap bookings and very few deals heard since mid-April.
The weekly index for P&S 5ft remained unchanged at $458/mt cfr from the prior week amid limited trades for US-origin scrap. The Davis Index for shredded increased by $5/mt to $454/mt cfr Jakarta on Thursday.