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
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
