Wide bid-offer gap prevents fresh South Korean deep-sea scrap deals

A large gap between bids and offers for deep-sea steel scrap imported into South Korea has blocked any chance of deals for the material in the past week, sources told Fastmarkets on Friday November 19.

South Korean mills reduce bid prices
Tokyo Steel announces drop in domestic scrap buy prices
Major steelmakers in China lower local scrap buy prices again; buyers’ interest for imports minimal
South Korea
The pause in imports of deep-sea scrap to South Korea continued this week, with the last deal heard done to the country in late October.
A deep-sea sale was done to Vietnam at $540 per tonne cfr for heavy melting scrap 1&2 (80:20) late last week, but sources said Korea would not be able to match these prices following the recent drop in its bid prices for Japan-origin scrap.

A South Korean mill was heard to have bid at $515 per tonne cfr for Russian A3...

Published

Lee Allen

Tianran Zhao

November 19, 2021

10:51 GMT

London, Shanghai