Posted on 02 Feb 2021
Recent purchases of bulk scrap in South Korea have fallen to below $400/tonne cfr, Kallanish understands.
Leading electric arc furnace operator Hyundai Steel recently ordered a 45,000-tonne US West Coast scrap cargo at $398/t cfr HMS I basis, Korean trading sources said on Monday. The cargo is due to arrive in March. Regional trading sources report hearing a shredded scrap cargo from the same US supplier booked at $430/t cfr China last Tuesday.
Hyundai Steel also ordered around 30,000t of Russian A3 grade scrap at $391/t cfr Pohang, for shipment in March, Korean trading sources report. Many Russian scrap suppliers were targeting to export at above $400/t cfr last week, they say. However, with the recent downturn in the scrap market, Hyundai placed a bid at $385/t cfr.
Source:Kallanish
