S KOREA SCRAP: Heavy scrap demand drops on high Japan offers

South Korean consumers are staying away from imports of heavy steel scrap due to rising offer prices from Japan and an adequate local supply of material, market participants told Fastmarkets on Friday October 30.

Offers from Japan for H2 heavy scrap were ?30,500-31,000 ($292-297) per tonne cfr South Korea this week, while Korean mills will only consider prices for ?27,500-28,000 per tonne fob Japan, which is equivalent to ?29,500-30,000 per tonne cfr.
The last deal heard closed for Japanese heavy scrap was at ?29,900 per tonne cfr South Korea for a cargo of higher-grade H1:H2 (50:50), but the deal fell outside of the price assessment window because it was done over a week ago.

Fastmarkets' weekly price assessment for steel scrap H2, Japan origin, import, cfr main port South Korea was ?29,500-30,500 per tonne on October 30, widening up by ?500 per tonne on the high end from ?29,500-30,000...

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