A South Korean steel producer expressed a sense of nearing "the lowest point," noting that while scrap prices in Korea have been on a downward trend for some time, recovery is currently challenging, and the secondary market is weak.
While the Korean market is expected to recover in May, it is stated that major long product producers have not yet returned to the scrap market until May 2.
A trader said that the activity of small Korean steelmakers is at 50% and that large producers may consider production cuts to maintain their profit margins in June.
The price of H2 equivalent grade scrap remained stable at KRW 395,000/mt (USD 290/mt), while the price of Heavy A grade scrap remained stable at KRW 425,000/mt (USD 312/mt).
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