Tokyo steel kept its ferrous scrap purchase prices stable after cutting JPY500/mt ($4.54/mt) at Utsunomiya plant the prior day. Bids in the remaining steel plants remained unchanged.
At Thursday’s Kanto tender four winning bids were awarded for a total of 20,000mt #2 HMS; 5,000mt each at JPY46,260/mt ($420/mt) fas Tokyo port, down JPY386/mt ($3.5/mt) than last month’s average. All bids were from Vietnamese buyer Ito Metals. Shipments would be delivered by Oct 31.
Bids were higher than the expectations of buyers, who anticipated a steep drop.
Bids for #2 HMS were at JPY47,000/mt del Utsunomiya, JPY48,000/mt del Tahara, JPY49,500/mt del Okayama and JPY48,000/mt del Kyushu.
Ferrous scrap prices improved due to increasing freight costs and shortage of containers.
The weekly Davis Index for containerized #1 HMS and #1 busheling rose by $3/mt each to settle at $458/mt and $488/mt cfr Taiwan, respectively.
The index for shredded and P&S 5ft rose by $3/mt each to $475/mt and $480/mt cfr Taiwan, respectively.
The weekly index for HMS 1&2 (80:20) settled at $447/mt cfr Taiwan port, up by $7/mt.
The weekly Davis index for containerized #1 HMS, Thursday, rose by $5/mt, to settle at $468/mt cfr Vietnam. The weekly index for shredded and P&S 5ft rose by $5/mt each to $485/mt and $490/mt cfr Vietnam, respectively.
The weekly index for #1 bushelling rose by $5/mt to $500/mt cfr Vietnam port.
The weekly Davis Index of HMS 1&2 (80:20) settled at $460/mt cfr Vietnam, up by $5/mt from the prior week.
Offers for HR steel was around $890-$900 cfr Vietnam.
Offers for debar steel was around $720 fob Vietnam.
Offers for billet was around $700-$715 cfr China.
Offers for pig iron was around $555 cfr China.
Domestic scrap prices were competitively priced against imported scrap.
The weekly Davis index for P&S 5ft rose by $5/mt to $505/mt cfr Indonesia port. Bids for P&S 5ft were at $495-500/mt cfr Indonesia port.
The weekly Davis Index for shredded and #1 busheling rose by $5/mt each to settle at $500/mt and $517/mt cfr Indonesia, respectively.
($1= JPY109.86, TWD 27.69, VND22,752.25, IDR14,245.15)