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Mar.29.2024 1USD=7.095RMB
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3rd Week of Apr. Fe-Scrap Price Slid in Korea Likely Another Dip

https://en.steelhome.com [SteelHome] 2019-04-18 10:17:55

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Korea's steel scrap prices fell during the third week of April across Kyungin, Central and Southern Korea together. Last week, Korean major electric arc-based steel mills led by Dongkuk Steel and Daehan Steel cut their buying prices for steel scrap, causing to decline 10,000 won per ton at those districts. However, the steel mills continue to cut their scrap buying offers that will probably lead to another fall in the Korean steel scrap prices.

The Korean steel scrap market is in a confused mood on accidents occurred at SeAH Besteel and Korea Steel. Many enact to limit flows of scrap into the factories and give control thereof, thereby the scrap market is becoming congested or even depressed. It is forecast they need more time to return to normality and Korea’s scrap market is likely to maintain steady with a downside tendency for a while to come. Under such a cautious condition, Hyundai Steel is currently known to negotiate Japanese traders for importing scrap bundles H2 at 35,200 yen per ton, fob Japanese port.

The Turkish import prices for US scrap bundles are moving downward due apparently to a steeper downturn in scrap demand. Turkey’s import prices for US HMS No.1&2 fell down to $306 per ton, cfr, down $19 per ton from $325 per ton previously according to foreign news source.

“International scrap market including Turkey is going into prolonged weakness, pulling down the import prices for US or European steel scrap prices,” said certain offshore trader. The overall dampening international market conditions will affect Asia market including Japan, he added.

Turkey’s steel scrap imports dwindled 38.3 percent for the first two months this year totaling 2,184,366 tons. Of which, import from US accounted for 399,694 tons with a 39.1 percent year-on-year decrease, those from the UK was 197,140 tons with a 61.3 percent year-on-year drop and from the Netherlands totaled 307,730 tons which slipped 20.7 percent a year ago respectively.

The US scrap bundles of HMS No.1 average domestic prices entered into a breathing phase in a week of collapse, trading at $290.35 per ton on April 15, according to foreign news.

Pittsburgh indicator was $300.20 per ton which was steady compared with the previous week, while the Chicago indicator at $285.43 per ton, a steady tendency and Philadelphia indicator also marked $285.43 per ton which returned steady week-on-week. The US scrap bundles average domestic prices returned to a steady phase after collapse on weakness of international scrap prices including Turkey. However, the US scrap prices will show another collapse as international market prices are increasingly pressured downward, the overseas scrap experts commented. US steel scrap exports decreased 12.0 percent in January leading to 989,159 tons year-on-year.

Source: Steel&Metal News
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