South Korean steelmakers have purchased steel scrap cargoes at lower prices from the United States and Japan in recent days amid weakening market sentiment across Asia, market sources told Fastmarkets on Friday October 29.
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South Korea
Prices for steel scrap imported into South Korea dipped on Friday, amid lower offer prices in both the United States and Japan, sources said.
A South Korean steelmaker purchased a 30,000-tonne deep-sea cargo of US-origin steel scrap at $542 per tonne cfr Korea for HMS 1, Fastmarkets heard on Friday. The price was equivalent to $541 per tonne cfr for HMS 1&2 (80:20).
By comparison, the latest offers for deep-sea HMS 1&2 from the US were heard last week around $555-560 per tonne cfr South Korea.
As a result, Fastmarkets' weekly price assessment for steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr South Korea, was $541 per tonne on Friday, narrowing from $540-555 per tonne one...