S KOREA IMPORT STEEL SCRAP: Local market rise increases import interest

A rise in South Korean domestic steel scrap prices has led to greater interest in booking import cargoes to the country in recent days, sources said on Friday October 1.

Korean steelmakers increased their scrap buy prices by 10,000 Won ($8) per tonne on Friday, a mill source in the country told Fastmarkets.
Solid long steel demand means that despite the rise in cost and some mills in the country reducing their intake of import scrap recently, South Korean mills are still enjoying a "good" rebar-scrap margin for domestic material, the Korean steelmaker source added.

The rise in the Korean local market came on the same day as a fresh announcement of buy-price increases by major Japanese electric-arc furnace operator Tokyo Steel, which raised its local scrap purchase prices by ?1,000-2,000 ($8.95-17.90) per tonne from October 2 at all its steelworks.
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