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| HOME >> Topics List >> January, 2006 >> 16 (Mon) |
| INI Steel Gets US Scrap At $210 C&F For No1 HMS |
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35,000-40,000 Tons From PCR For Feb Shipment South Korea's top electric steelmaker INI Steel Co has settled an import deal with US metal merchant Pacific Coast Recycling LLC (PCR) to take 35,000-40,000 tons of ferrous scrap from the US west coast area at US$210/MT C&F for No1 HMS for February shipment at Long Beach, California, it was learned in Tokyo late last week. The deal provides for the cargo composition to contain 10,000 tons of P&S scrap besides No1 HMS as the main portion. Also, it is understood that PCR has a seller's option to put nearly 3,000 tons of No2 bundles into the composition. INI Steel's procurement price this time is thought to have pulled down a low of imported prices by US$5 for No1 HMS in East Asia. By comparison, China's Fengli Group has already bought imported ferrous scrap at US$215/MT C&F for No1 HMS. Besides, Chinese integrated steelmaker Jiangsu Shagang Group Co Ltd is reported to have secured shredded ferrous scrap from the USA at US$223/MT CIF for February-March shipment. As to pig iron imports into East Asia, meanwhile, KMK pig iron from Russia has sold at US$235/MT CIF for Taiwan, while Tulachermet pig iron from Russia is on offer to Taiwan at slightly less than US$235/MT CIF. As things now stand, there are no signs of a letup in falling market prices for cold metallics in East Asia. Meanwhile, new export sales of No2 HMS from Japan shaped up last week at US$217-218/MT C&F for Taiwan. There is a possibility, though, that pressure will build for lower export prices of Japanese No2 HMS in East Asia, market sources believe. The sources point out a faster decline of the imported ferrous scrap market there for No1 HMS than No2 HMS. No1 HMS usually sells at a higher price than No2 HMS by nearly US$10 because of quality differences, according to experts. |
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| last modified : Thu 19 Jan, 2006 [11:24] |
