South Korea - Hyundai Steel Books 20,000 MT of Ferrous Scrap from Russia

South Korea's leading EAF steelmaker Hyundai Steel has recently booked a bulk cargo from Russia, comprising of 20,000 MT of A3 grade Russian scrap.

The deal was concluded at an average of USD 209/MT CFR South Korea. This is the lowest price for Russian A3 grade booking by a South Korean mill in last 4 years, as prior to this in Mar'16, a booking was concluded at below USD 210/MT CFR.

The booking price of A3 scrap in this deal is slightly lower than the price level witnessed in the Dongkuk Steel booking of 10000 MT of Russian scrap at USD 210/MT last week.

Prior to this, Hyundai Steel had booked 90,000 MT of bulk Russian A3 scrap during the mid of the Mar'20, at an average of USD 247/MT CFR, for June delivery, and the prices have clearly fallen sharply sice then, owing to the reduced buying interest amid covid-19 pandemic.

~ inputs from SteelDaily