Ferrous scrap prices in Southeast Asian markets barring Indonesia improved. Markets in Indonesia continued to trend down amid the ongoing COVID-19 restrictions.
Tokyo steel has kept its ferrous scrap purchase prices unchanged since Aug 19. Bids for HMS #2 were at JPY48,500/mt ($442.12/mt) del Tahara, JPY50,000/mt del Okayama, JPY48,500/mt del Kyushu, JPY48,500/mt del Utsunomiya and JPY48,000 del Takamatsu.
For September deliveries, the steelmaker raised listed retail prices by JPY3,000/mt for a few flat products, keeping prices for rebar and other construction steel products unchanged from the prior month.
Posco bought limited quantities of Japanese origin HS or P&S 5ft equivalent at JPY62,500/mt cfr South Korea on Thursday.
Scrap demand was on a gradual recovery in Japan which could lead Tokyo Steel to revise prices.
Japan is currently under a lockdown till Sep 12, enforced in Tokyo and other areas to curb the COVID-19 pandemic.
Scrap prices recovered due to an increase in overseas offers though local steel sales did not witness a major improvement.
The weekly Davis Index for containerized #1 HMS and #1 busheling rose by $5/mt each to settle at $450/mt and $480/mt cfr Taiwan.
The index for shredded rose by $5/mt to $467/mt while the index for P&S 5ft rose by $2/mt to $472/mt cfr Taiwan.
The weekly index for HMS 1&2 (80:20) settled at $440/mt cfr Taiwan port, up by $3/mt.
The weekly Davis index for containerized #1 HMS, Thursday, rose by $5/mt, to settle at $456/mt cfr Vietnam. The weekly index for shredded rose by $5/mt to $473/mt while the index for P&S 5ft rose by $2/mt to $478/mt cfr Vietnam, respectively.
The weekly index for #1 bushelling rose by $5/mt to $488/mt cfr Vietnam port.
The weekly Davis index of HMS 1&2 (80:20) settled at $448/mt cfr Vietnam, up by $5/mt from the prior week.
Indonesia remained under a lockdown to curb the spread of COVID-19 and prices dropped in a silent market. Domestic scrap prices are still competitive to imported scrap.
The weekly Davis index for P&S 5ft dropped by $7/mt to $490/mt cfr Indonesia port. Bids for P&S 5ft were at $480-485/mt cfr Indonesia port.
The weekly Davis Index for shredded dropped by $5/mt to settle at $485/mt while the index for #1 busheling dropped by $8/mt to $500/mt cfr Indonesia.
($1= JPY110.08, TWD 27.95, VND22,787.00, IDR14,436.45)