The weekly Davis Index for containerized HMS 1&2 (80:20) settled at $250/mt cfr South Korea, up by $7/mt on global cues and domestic scrap shortage. Mills booked containerized scrap in limited volumes at $248-250/mt cfr South Korea.
Offers from sellers in South America for HMS 1&2 (80:20) ranged between $240-245/mt. But most importers were rather interested in bidding for Russian bulk cargoes priced lower.
The index for US-origin shredded rose by $6/mt to $263/mt cfr, with no trades heard. The weekly index for containerized #1 HMS and machine shop turnings increased by $5/mt to $255/mt and $235/mt cfr, respectively.
In the bulk market, 10,000mt of Russian A3 scrap was booked at $258.5/mt cfr South Korea. This price was $4.5/mt higher than the prior bulk deal. Offers for Japanese #2 HMS were at JPY25,500-26,500/mt fob Tokyo bay, up by JPY1000/mt from the prior week.
The weekly Davis Index for domestic Light A settled at KRW250,000/mt delivered Pohang mill, up by KRW5,000/mt. 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 $255-257/mt cfr Taiwan, up from $245-248/mt cfr Taiwan last week. The daily Davis Index for containerized US-origin HMS 1&2 (80:20) rose by $3/mt to $256/mt cfr Taiwan.
Offers for South American HMS 1&2 (80:20) were at $250/mt. Material from Australia was offered at $253-255/mt with no trades heard. Demand for finished steel continued to be under pressure but manufacturers are gearing up for September when trades are expected to pick up.
Japanese small bulk cargoes of HMS 1&2 (50:50) were offered at $275/mt cfr Taiwan and shredded at $290/mt cfr, with no trades heard on Wednesday.