South Korean import scrap market has been still a buyers’ market. This week, about 60,000 mt of Russian A3 scrap have been traded to South Korea at $292/mt CFR. Offers have been mostly at $300/mt CFR and above since late December, while bids have been coming from South Korea at $290/mt CFR. The deal has reflected bearish sentiments, prevailed in the market after the holidays.
As SteelOrbis reported earlier, last week Japanese H2 scrap has been traded to South Korea at JPY 26,500/mt ($244/mt) FOB, which corresponds to about $269/mt CFR. Offers have been still coming at JPY 27,000-27,500/mt ($246-251/mt) FOB, but most sources believe that in the near future ex-Japan scrap can be traded at the same level as last deals or even slightly lower.