Economy
October 11, 2013
Asian Scrap Markets
Written by Brett Linton
On the Far East Asia side, market for finished products is still weak and in an oversupply situation. Most Asian mills coming into October will resume full production schedules after the summer time electricity curtailments. However, this added production is going into a weak finish demand situation.
Consequently, even with the recent slide in the US$ (about 3% or approx $5-$6/metric ton), prices on steel scrap did not improve. The market is still in a situation of weak demand on scrap as mills are buying on an as-need basis. Last bulk confirmed sales still at $363-$365/metric ton CFR Korea. Iron ore 63% stable in the low $130s/dry metric ton.
