South Korea: Imported Scrap Offers Up in Recent Deals

Imported scrap offers to South Korea have risen considerably in the recently concluded deals. According to reports, two South Korean steelmakers have booked around 12,000 MT of Japanese H2 scrap in the last week closing and the contracts got concluded in the range of JPY 21,000-22,500/MT FoB basis.

Prior to this, after the previous deal in the 2nd half of April, where Hyundai steel had concluded Japanese H2 at very low level at JPY 18,000/MT FoB, the demand for Japanese H2 scrap by the Korean steelmakers had continued to shrink. However, last week, few deals were made in the range of JPY 22,000/MT to avoid the shortage of scrap, while on an overall basis, demand is still low.

Apart from this, few major South Korean steelmakers have contracted about 10,000 MT of Japanese H2 for June shipment, while few steelmakers have booked some decent quantity at prompt shipment basis.

Russian Offers:

Russian A3 scrap also expected to rise in the near future. As per reports, some steelmakers have concluded a deal for Russian A3 scrap at USD 330/MT, CFR.

USA Offers:

Few offers for HMS 1&2 (80:20) from USA origin have reported more than USA 250/MT CFR basis, however, no deals were recorded at this level.

~Inputs from Steeldaily