After a consultation, which closed on Monday April 8, along with data examination, Fastmarkets will amend the frequency of the price assessments listed below to monthly, instead of weekly. The next publication will take place on Friday May 3, and the first Friday of each month thereafter.
The change has been made following feedback from market participants that there has been a reduction in liquidity over a sustained period in the South Korean scrap import spot market, given that most mills have switched to long-term contracts and demand for imports have slowed amid a sluggish construction sector.
The changes to the specification will be as follows:
MB-STE-0879 Steel scrap H2 Japan origin import, cfr South Korea
Quality: Old steel of Japanese origin, sheared or cut to pieces measuring 3-6mm thick and no longer than 1.2 meters in any direction
Quantity: Minimum 2,000 tonnes (bulk)
Location: cfr South Korea main port
Timing: Up to 4 weeks
Unit: Japanese yen/tonne
Payment terms: Letter of credit on sight
Publication: Monthly. First Friday of the month, 5-6pm Singapore time.
MB-STE-0880 Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr South Korea
Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200 – 206.
Quantity: Minimum 20,000 tonnes (bulk)
Location: cfr South Korea main port
Timing: Up to 3 months
Unit: USD/tonne
Payment terms: Letter of credit on sight
Publication: Monthly. First Friday of the month, 5-6pm Singapore time.
These prices are a part of the Fastmarkets scrap package.
All historical data relating to the assessment prior to the amendment will remain available in the pricing section of the Fastmarkets Dashboard.
To provide feedback on the South Korean steel scrap prices, or if you would like to provide price information by becoming a data submitter to this price, please contact Carman Chew by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Carman Chew, re: South Korean steel scrap price assessment.”
Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.
To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.
