ASIA STEEL SCRAP DIGEST: South Korea continues to buy Japanese cargoes

Steel scrap buyers in South Korea have continued to chase bulk bookings from Japan in recent days at increasingly high prices, market sources told Fastmarkets on Wednesday October 27.

• South Korea books more scrap
• Tokyo Steel Utsunomiya raises buy price again
• China prices continue downtrend amid bearish sentiment in finished steel markets
• Taiwan prices retreat on weakening sentiment.
South Korea
Bookings by Korean mills have been heard at ¥69,500 ($609) per tonne cfr for Japanese bulk heavy scrap (HS) and at ¥68,000 per tonne cfr for bulk shredded scrap in recent days. Sources said that average freight costs from Japan to South Korea were ¥4,000-5,000 per tonne over the past week.
Fastmarkets’ weekly price assessment for steel scrap heavy scrap (HS), export, fob main port Japan, was ¥64,500-65,500 per tonne on Wednesday, up by ¥500-1,500 per tonne from ¥63,000-65,000 per tonne one week earlier.

Deals were done to a third Korean mill late last week at ¥54,500 per tonne fob for H2 and at ¥67,000 per tonne fob for...

Published

Lee Allen

Paul Lim

Tianran Zhao

October 27, 2021

12:50 GMT

Shanghai, London, Singapore