The weekly index for #2 HMS, Wednesday, increased by JPY500/mt to JPY50,000/mt ($454.68/mt) fob Japan and JPY49,000/mt ($445.59) fas Japan.
The weekly index for Japanese P&S 5ft (small bulk) settled at $540/mt cfr China port, down by $10/mt. In the Chinese market, domestic scrap fell by CNY80/mt to CNY4940/mt ex-Tangshan amid a fall in billets on Wednesday.
In the small bulk market, Japanese #1 busheling (Shindachi) offers were JPY60,000/mt fob. The weekly index for the grade jumped by JPY1,500/mt to JPY58,500/mt fob Japan and JPY57,500/mt fas Japan.
The weekly Davis Indexes for shredded Wednesday, climbed by JPY1,500/mt to JPY54,000/mt, and the index for HS increased by JPY2,250 to JPY57,520/mt fas Japan.
Offers for Japanese HMS 1&2 (50:50) were at $480-490/mt cfr Vietnam, with the index for the grade settling at $477/mt cfr Haiphong, down by $2/mt.
The index for Japanese HMS 1&2 (50:50), Wednesday, settled flat at $465/mt cfr Taiwan.
The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled at $441/mt cfr South Korea, up by $3/mt. But mills were reluctant to accept prices above $445-450/mt cfr South Korea despite improvement in domestic demand.
The weekly Davis index for P&S 5ft, Wednesday, rose $5/mt to $468/mt cfr South Korea, while the index for #1 HMS and shredded climbed up by $3/mt and $6/mt to $451/mt, and $461/mt cfr South Korea, respectively.
Offers for #2 HMS increased by JPY1,500/mt to JPY49,000/mt fas from the prior week.
Hyundai steel revised bids for shredded to JPY55,000/mt ($500.23/mt) fob Japan, HS to JPY56,000/mt ($509.32/mt) fob Japan and busheling (busheling) to JPY57,000/mt ($518.42/mt) fob Japan.
Taiwanese market was largely silent this week.
The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday, settled at $445/mt cfr Taiwan, down by $5/mt. On Wednesday, most offers were at $455-450/mt cfr Taiwan. The weekly Davis index for HMS 1&2 (50:50) settled unchanged at $465/mt cfr Taiwan.
Freight rates and global steel demand continue to remain firm.
($1=JPY109.96, TWD27.65, KRW111,8.49)