SOUTH KOREA SCRAP: Prices inch up despite poor steel demand

Prices for ferrous scrap imported to South Korea only registered marginal gains over the week to Friday April 17, while mills refused to contemplate higher offer prices for deep-sea cargoes with only limited interest in Japan-origin material, Fastmarkets heard.

Although export offer prices from the United States West Coast have ballooned over the past fortnight, low buying interest has meant that Korean steel mills are largely unwilling to raise their bid prices over the same period, sources said.
Fastmarkets heard this week that South Korea’s two largest steelmakers will further cut their scrap purchasing over the next two months amid poor steel demand, particularly in the special and high-grade steel segment.

Fastmarkets’ price assessment for steel scrap HMS...

Published

Lee Allen

April 17, 2020

11:58 GMT

Singapore