There has been a report in the market that a major US supplier has sold more than 40,000 mt of HMS 1 to South Korea at $275/mt CFR, which is $5/mt below the price in the contract signed by the same customer a week earlier, SteelOrbis has been informed.
Moreover, some tonnages of containerized shredded scrap from the US West Coast have been traded at $270/mt CFR in Bangladesh. This level is $35/mt below the average price in early September.
In Taiwan, scrap prices have been also moving down. Offers for ex-US HMS I/II 80:20 in containers have slipped by $10/mt, coming to $240-245/mt CFR late last week, with deals signed at $240-243/mt CFR.
Though there have been talks in the market that scrap prices have almost reached the bottom, most Asian customers have been expecting some further reduction.