Steel scrap is losing ground in East Asia

The ferrous scrap market continues to weaken overall in East Asia and there are signs of further decline in the domestic scrap market in Japan.

Shipments of scrap shipments to South Korea last week traded at $ 375 per tonne C&F for # 1 HMS, down $ 10. However, major steelmakers in South Korea are reluctant to buy. And there is a good chance that shipments of scrap ferrous metals from the US West Coast will even sell below $ 375 per tonne C&F East Asia for # 1 HMS, because export prices for scrap from the US East Coast to Turkey are in trend negotiation down for new deals.

Domestic scrap metal market in Japan is in a similar decline due to the fact that the leader Tokyo Steel Mfg Co, when pricing last week, twice reduced the purchase price of local scrap metal. The decrease in prices was 1,000 JPY per tonne, or about $ 10.

For imports in Taiwan, no new deal negotiations are underway after the Lunar New Year holidays. Prices also fell to $ 342- $ 343 per ton C&F for 80% # 1 HMS /20% # 2 HMS at the end of January for the supply of electrometallurgy operating in the Kaohsiung area.

Meanwhile, shipments of pig iron from Russia were on sale in January at a low price of $ 408 per tonne C&F Taiwan for February shipment. Since then, no new negotiation deals have been made regarding the import of pig iron to East Asia.