The Davis Index for containerized HMS 1&2 (80:20) settled at $254/mt cfr South Korea, up by $4/mt from the week prior and $11/mt from July 29, on global cues and domestic scrap shortage. Mills booked containerized scrap in limited volumes at $253-254/mt cfr South Korea.
Offers for HMS 1&2 (80:20) from South American sellers ranged between $245-247/mt. But most importers were rather interested in bidding for lower-priced Russian bulk cargoes.
The index for US-origin shredded and machine shop turnings rose by $6/mt to $269/mt cfr and $241/mt cfr, respectively, with no trades, heard.
The weekly index for containerized #1 HMS was up by $4/mt to $259/mt cfr. Active buying by Turkish mills has been one of the major reasons for an increase in global ferrous scrap prices. Traders anticipate prices to rise further for September deliveries, especially in Asia. The index for US-origin HMS 1&2 (80:20) rose by around $5/mt to $285/mt cfr Turkey on Tuesday from the week prior.
Among seaborne trades, a deal for Russian A3 scrap was heard at $265/mt cfr South Korea, a price which was up by $6.5/mt from the week prior. Offers for Japanese #2 HMS were at JPY25,500/mt fob Tokyo bay, up by JPY500/mt from the prior week.
The weekly Davis Index for domestic Light A settled flat at KRW250,000/mt delivered Pohang mill. Limited trades for the grade were reported at the index price.
A few mills in South Korea booked bulk cargoes from Japan. Japanese HS scrap traded at JPY29,000/mt cfr South Korea. Busheling was booked at JPY28,500/mt cfr South Korea. On Wednesday, a leading steelmaker placed bids for HS scrap at JPY30,300/mt cfr South Korea, up by JPY800-1,000/mt from the prior week, against offers of JPY30,500-31,000/mt cfr South Korea.
US-origin containerized HMS 1&2 (80:20) traded at $258/mt cfr Taiwan on Tuesday. The daily Davis Index for containerized US-origin HMS 1&2 (80:20) was up by $3/mt at $258/mt cfr Taiwan.
Offers for South American HMS 1&2 (80:20) were at $245-250/mt cfr, US-origin HMS 1&2 (80:20) were at $257-263/mt cfr. Demand for finished steel continued to be under pressure, but manufacturers believe steel trades will rise in September.
Buyers booked limited containerized shipments since imported scrap prices have been on an uptrend.
Japanese small bulk cargoes of #HMS 2 were offered at $265/mt cfr Taiwan, with no trades heard on Wednesday.