Ferrous
scrap import market in East Asia has been quiet last week after the hike in
offers by up to $10/MT from suppliers from previous week.
It
is reported that Taiwanese and Korean scrap import markets were quiet last week
on the back of sluggish domestic steel demand. Buyers are hesitant to book
material on higher scrap prices.
Offers
for HMS (80:20) were at $345/MT CFR Taiwan and shredded at $352/MT CFR, both up
by $7-10/MT CFR from previous week from US suppliers. But no booking were heard
to be closed on such price levels as buyers are looking at $340/MT CFR mark.
According
to an importer, “Suppliers are raising the offer prices ahead of winter when
collection remains low, but steel mills are conservative because of weak steel
demand.”
Further,
offers to China for HMS (80:20) and shredded material moved up by $10/MT to reach
$380/MT CFR and $385/MT CFR respectively from US suppliers. Demand was poor for
the imported material as domestic scrap was comparatively cheaper.
After
a bulk deal was closed by Hyundai Steel (South Korea), market has been quiet
since then in Korea. Booking of around 90,000 MT of A3 grade scrap was closed at
$358/MT CFR Korea during the second week of October, material to be delivered
in November/December.
Offers
for HMS (80:20) are hovering at $372-375/MT CFR in Vietnam. Market source
expect that it would rise by another $10/MT CFR in the coming days.
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