Russian (A3 grade) scrap export offers to South Korea showed a strong uptrend in price in a recent deal concluded, after its major alternative, Japanese H2 scrap prices, rose significantly over the last week.
South Korea’s one of the largest EAF steel producers Dongkuk Steel Mill has reportedly booked a Russian A3 grade scrap bulk vessel. The booking has been concluded in the range of USD 249-250/MT CFR South Korea. Notably, it has moved up by over USD 10-11/MT from the previous deal concluded by Dongkuk Steel at USD 239/MT CFR, in mid-May’20.
Prior to this, Hyundai Steel had bid at JPY 23,000/MT (USD 214), FoB Japan, for Japanese H2 scrap, whereas, Japanese suppliers were quoting more than JPY 24,000 /MT (USD 223).
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