Demand for import scrap has improved much in South Korea this week, with one more deal being disclosed in the market, from a Russian supplier this time. About 10,000 mt of Russian A3 scrap have been traded at $265/mt CFR, after almost three months of silence. As SteelOrbis reported earlier, another South Korean producer has bought ex-US HMS I scrap at $275/mt CFR this week. Market participants said that the recent deal prices are at least $5/mt higher compared to the indicative levels in mid-November.
Offers for ex-Japan H2 scrap have increased to JPY 26,000/mt ($237/mt) FOB, following the transaction at JPY 25,000/mt ($228/mt) FOB to South Korea last week.
South Korean customers will maintain a cautious policy on import scrap buying in December-January as, due to overall weak long steel products consumption and the start of the offseason, steel production will stay reduced.
