South Korean mills bid and purchased scrap at prices noted in the table below in the week ended October 20.
While South Korean bids, for example, remain at the same level into the active week, scrap exporters are reportedly “more firm in their offers during negotiations this week potentially increasing trade prices” noted a source.
South Korean domestic scrap prices declined in the past week, thereby, redirecting South Korean mill buyers to domestic sources. Japanese export scrap traders, though, believe that the situation is temporary and domestic prices may adjust upward again shortly as global scrap prices have remained resilient through the past week. Additionally, the positive sentiment is supported by expectations of Taiwanese mill buyers improving bids to or above $300/mt CFR to obtain desired H2 scrap imports. Offers to Taiwan have reportedly increased $5/mt from $295-300/mt CFR to $300-305/mt CFR.
$1=JPY 113.71, (Oct 25)
Japanese scrap grade |
Bid- South Korean mills |
Latest offer heard- average |
H2 |
JPY 30,500/mt ($268/mt) FOB |
31,250/mt ($275/mt) FOB |
H1/H2 |
JPY 31,000/mt ($273/mt) FOB |
31,900/mt ($281/mt) FOB |
Shredded |
JPY 33,500/mt ($295/mt) FOB |
34,300/mt ($302/mt) FOB |
Shindachi |
JPY 34,500/mt ($303/mt) FOB |
35,250/mt ($310/mt) FOB |