The South Korean market has been highly interested in higher-quality scrap from Japan
in recent months amid high special steel demand and rising scrap
intake at some basic oxygen furnaces (BOFs) due to carbon neutrality policies at a major Korean mill.
A buyer in South Korea purchased Japanese heavy scrap (HS) in bulk at ¥59,000 ($532) per tonne fob Japan this week, up from last week’s ¥57,500 per tonne fob, sources said.
After accounting for the freight costs, Chinese buyers now need to pay at least $565 per tonne cfr China to reach parity with South Korea - much higher than the prices acceptable to Chinese buyers, a...