Imported ferrous scrap prices in South Korea halted their five-week downtrend and rose on global cues. Buying interest from mills, however, was limited.
On April 10, Hyundai steel placed bids for Japanese #2 HMS at JPY18,500/mt fob Japan. Bid for HMS 1&2 (50:50) was at JPY19,000/mt, busheling at JPY21,000/mt, HS and shredded at JPY21,000/mt on fob Japan.
South Korean mills booked #2 HMS at JPY18,500-19,000/mt fob Japan.The weekly Davis Index for containerised HMS 1&2 (80:20) settled at $218/mt cfr South Korea, up by $3/mt.Steel mills, however, refused to accept higher offers and placed bids for lower-priced Japanese scrap. US suppliers offered HMS 1&2 (80:20) in containers at $220/mt cfr South Korea and $210-215/mt cfr Taiwan this week, in line with a rise in bulk ferrous scrap offers in Turkey.
After dropping by total $45/mt in five weeks offers from South Korean yards inched up amid tightened global ferrous scrap supply.
The weekly Davis Index for containerised shredded settled at $228/mt cfr South Korea, up by $3/mt. The index for P&S and busheling settled at $232/mt cfr, up by $2/mt and $248/mt cfr South Korea, up by $3/mt from the prior Wednesday.
($1=KRW1,220.13)