Bulk HMS Ferrous Scrap Lowers Further in East Asia

UNITED STATES September 26 2016 4:43 PM

NEW YORK (Scrap Register): Bulk heavy melting ferrous scrap lowers further in the East Asian scrap market due to the booking of South Korean booking from US.

South Korea's Hyundai Steel ordered a West Coast US cargo of around 48,000 mt, at $221/mt CIF for HMS I basis. Another South Korean mill, Dongkuk Steel Mill also purchased around 35,000 mt for HMS I at the same price. Both cargoes are for November arrival and are from two different US suppliers, Platts reported.

Hyundai booked 30,000 mt of A3 scrap from Russia at $227/mt CFR Pohang, two weeks ago. Dongkuk also made a Russian A3 bulk scrap purchase at the same price around the same time. It is considered that weak demand for construction steel products and falling Chinese billet prices have dampened market sentiment for scrap.

Earlier this week on Monday, a Vietnamese mill ordered a West Coast US cargo, of around 30,000 mt, at $230/mt CFR Phu My for HMS I/II 80:20 basis, and at $235/mt CFR for shredded on Monday for end-October/early November shipment.