Russian Fe Scrap Export Price Reaches US$ 400/t to South Korea

Russian ferrous scrap export price reached US$ 400 per tonne to East Asia. Hyundai Steel, South Korean largest electric furnace steel maker, recently contracted the scrap at CFR US$ 405 per tonne for A3 grade, according to Japanese trader source. The contract price increased by about US$ 20 from the previous contract in mid August.

International ferrous scrap market maintains steady tone except for Japan which is impacted by strong yen. US ferrous scrap export price has already exceeded CFR US$ 400 per tonne to Turkey and South Korea. US composite price, the international market indicator, surged by US$ 19 to US$ 349.83 per tonne in the first week of September compared with the previous week.

Japanese exporters are in hard price negotiations with importers of East Asia. At a ferrous scrap tender held in Osaka on August 20, there was no successful bid since the tender price didn’t reach the exporters’ offer price. Scrap dealers are cautiously watching another scrap tender held in Tokyo on September 9.