“This is due to the high inventory levels it is holding, as well as due to it waiting for the delivery of contracted cargoes it had purchased. Steel production rates in South Korea are also likely to dip,” a Japanese trader told Fastmarkets last Friday October 4.
The cut is expected to affect both Japanese H2 scrap and United States-origin heavy melting scrap.
A source with close knowledge of the matter said that this was “still under consideration, but will most likely happen.”
The cuts in ferrous scrap imports is also likely to extend to contracted materials...