SOUTH KOREA SCRAP: Buyers opt for cargoes from Japan, Russia

South Korean steel producers entered the market to book cargoes from Japan and Russia over the past week due to uncompetitive offer prices from the United States West Coast, sources told Fastmarkets on Friday March 20.

One steelmaker purchased 90,000 tonnes of Russia-origin A3 heavy scrap at $247 per tonne cfr South Korea on Wednesday, while another producer in the country bought a Japan-origin cargo of H2 heavy scrap at ?24,000 ($219) per tonne cfr South Korea.
The Japanese transaction put Fastmarkets' inaugural price assessment of steel scrap H2 Japan origin import, cfr main port South Korea, at ?24,000 per tonne cfr, down from a previous deal heard at ?25,000 per tonne cfr last week.

Although some Japanese sellers still hope to achieve prices of ?24,500 per tonne cfr South Korea, the...

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