Only a single contract has been signed with the Japanese suppliers in the Far Eastern scrap market during the last week of July.
Business with American and Russian exporters has dried up. Besides, scrap prices are floating in a very numb state.
South Korean companies have demonstrated a modest demand for the Japanese material. Last week, Korea Iron & Steel (KISCO) imported HMS 2 at USD 332/MT FOB. The prices have not been revised, so HMS 2 is available at USD 332-337/MT FoB. Most of the South Korean consumers have rejected considering the prices.
US suppliers tied up no deals with the Far Eastern consumers, as the latter is waiting for price reductions. US scrap collectors have corrected their offers to Taiwan.
HMS 1&2 is being quoted at USD 354-357/MT CFR Taiwan, up by USD 2-3/MT since last week.
Current bid prices did not exceed USD 352/MT CFR Taiwan. Offers of HMS 1 to South Korean consumers still is at USD 365-370/MT CFR.
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