S. Korea returns for swim as ferrous tags dive

Oct 07, 2005 | 04:07 AM | Michael Marley

South Korean steelmakers have booked orders for three or four cargoes of ferrous scrap with West Coast yards during the past week, industry sources said.

One trader said the Korean mills, which hadn't been active in the U.S. market for the past month to six weeks, paid an average $248 a tonne delivered for the No. 1 heavy melting steel portion of that tonnage.

There were reports of a sale of shredded scrap to a Chinese mill at a bargain-basement price of $252 a tonne delivered, one industry source said, but he and others in the region said they believe that sale might have been made by an Australian exporter. Export yards in Australia and elsewhere on that side of the Pacific enjoy lower ocean freight rates than their U.S. rivals, one trader said.....

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