ASIA STEEL SCRAP DIGEST: Japan, South Korea introduce further local price cuts

The domestic scrap markets in both Japan and South Korea weakened further on Friday August 27, placing further pressure on the seaborne markets, sources told Fastmarkets.

South Korea reduces buying interest amid weaker local marketTokyo Steel drops bid prices for most scrap gradesImport interest limited in China despite stronger domestic sentiment.
South Korea
A major South Korean steelmaker released new bid prices on Friday which were down by ?1,000 ($9) per tonne compared with their previous bid level, sources said.
The mill bid ?44,000 ($400) per tonne fob for H2-grade material, ?57,000 per tonne fob for heavy scrap (HS) and ?62,500 per tonne fob for Shindachi. Freight costs from Tokyo Bay to Korea were heard at ?4,500-4,700 per tonne this week.

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