ASIA STEEL SCRAP DIGEST: S Korea expected to reduce bid price again this week

Steel scrap import prices in South Korea were likely to drop again in the next few days with buyers looking to take advantage of tepid local demand in Japan and falling prices in other key Asian import markets, sources told Fastmarkets on Wednesday August 4.

  • South Korea likely to push Japan prices down further
  • Production curbs weigh on Chinese scrap demand
  • Offers for bulk cargoes to Vietnam fall
  • Taiwan buys containerized scrap for less than $440 per tonne cfr Taiwan.

South Korea
Market sources expected to see lower bid prices for Japanese material in a scrap tender to be held by a major Korean mill later this week.
With mill maintenance rounds reducing Japanese domestic scrap intake recently, a Japanese supplier source said that the South Korean steelmaker may take this opportunity to try for lower prices this week, after having bid ¥47,000 ($431) per tonne fob for H2-grade material last week.

But a Japanese trader source did not sense much weakness in the domestic market, particularly on the higher grades, and said that the generation of Shindachi...

Published

Lee Allen

Paul Lim

Tianran Zhao

August 04, 2021

12:17 GMT

Singapore, Shanghai, London