• South Korea comes back to bulk markets at higher prices
• Higher bids for import material from Chinese buyers, but Japan sellers want more
• China domestic market stable ahead of Chinese New Year
The conclusion to this month’s Kanto Tetsugen auction on Wednesday, together with rising prices for scrap in the key Turkey and Vietnam markets, and surging ferrous futures in China this week, have created a bullish market situation in Asia.
South Korean local scrap prices have increased
in recent weeks, pushing more mills into the market for imports. But with Japan-origin prices trending higher, mills have been more attracted to the deep-sea and short-sea bulk markets.
Offer prices for deep-sea cargoes of United States-origin heavy melting scrap 1&2 (80:20) have soared to $530 per tonne cfr South...