Imported scrap offers to South Korea have increased, as per recent reports. A3 scrap offers from Russia moved up to USD 285/MT, up by USD 20 against last month.
Also Japanese origin H2 grade scrap offers have increased to JPY 27,000/MT (USD 247/MT) FOB basis.
Russia & Japan are the major scrap supplier to South Korea. The country’s buyers & steelmakers currently dealing with the increased scrap purchase prices. The global market price uptrend impinging the increased prices. Meanwhile, on recent Turkish trades were done on high purchase price amid limited supply.
It is highly anticipated by the steel producers & buyers that, imported scrap offers may further increase sharply up to USD 26-43/MT CFR level next year January’20, due to high international prices.
Meanwhile, the steelmakers may cut the production from late December to early January. Thus scrap trades may appear sharp drop during Dec’19 ending.
~ Inputs from Steel Daily
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