South Korea Ferrous Scrap Imports from US Increase Four Times on Bulk Bookings
According to customs data maintained with SteelMint, South Korean mills have registered a sharp increase in bulk scrap bookings from US. South Korea scrap import bookings from US have increased over four-fold to 66,753 MT in Sept'19 against 15,923 MT in Aug'19.
In Aug'19, the South Korean customs service department had increased their inspections on imported ferrous scrap from Japan, the largest scrap supplier to the country. Reportedly, the customs authorities are individually checking every scrap carrying vessel from Japan for radiation tests, unlike earlier when only random checks used to be conducted on scrap carrying vessels.
With the recent increase in economic and political strains between the 2 countries, in addition to the port congestion at South Korean ports, it was expected that demand of Japanese scrap from Korea will reduce in the coming days, while an increase of bulk vessel bookings from other major sources of scrap like USA was anticipated.
Outlook: Scrap import figures to South Korea from US are expected to remain in the higher side in Nov/Dec with recent bookings reported. Last week, Hyundai Steel booked 45,000 MT HMS 1 scrap from US recently for Dec shipment. The deal was learned to have concluded at USD 244/MT, CFR basis.
In another recent bulk booking made, South Korea's Dongkuk Steel has booked 30,000 MT HMS 1 Scrap from US at USD 245/MT, CFR for Nov shipment.
South Korea Ferrous Scrap Import in September'19 & August'19
source: SteelMint
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