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South Korean Steel Maker Buys Chinese Scrap - Sources

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Melting Scrap

BigMint Bureau

440 Reads

29 May 2017, 19:04 IST

South Korean Steel Maker Buys Chinese Scrap - Sources

Chinese scrap export offers continue to spook the traders round the globe. With Chinese government laying stricter regulations on electric arc furnace steelmakers, indicates the possibility of increase in scrap exports from China in the coming time. The Chinese government's directive to eliminate scrap-fed induction melting furnaces in the country by June 30, led to a huge turnaround.

After numerous feedback of Chinese scrap being booked, According to sources a Korea based special steel producing company SeAH Besteel Corporation has booked a 20,000 tonne cargo of scrap from China.

This booking is heard to be the biggest Chinese scrap cargo to be booked so far. The price at which the cargo has been booked is not revealed by the sources till now, but is expected to be known soon.

Since, Chinese scrap is heard to be exported, the quality of scrap that is being exported was a question mark for many of the buyers in the global scrap market. But after this deal of Korean special steel making company buying scrap from china, the anticipated feedback about the quality of Chinese scrap may not be a problem.

Chinese scrap exports are expected to flourish in the near future as many offers are being heard. According to a trader based in Bangladesh, "Some vessels of Chinese scrap were booked a couple of weeks ago and the price levels are estimated to be around at USD 270-275/MT CFR Bangladesh. The vessel is shortly expected to arrive in the country."