South Korean stainless scrap import price increases
2013-12-25 09:34:32 [Print]
BEIJING (Asian Metal) 25 Dec 13 - The stainless scrap import price of South Korea rises by USD10-30/t stimulated by sharp and continuous price increase of nickel. Currently the import price of 304 grade is USD1,400-1,420/t CIF Busan Port.
An importer in Busan tells Asian Metal that the import price of 304 stainless scrap for materials from other Asian countries is USD1,400/t and that from USA will be USD1,420/t, both CIF Busan Port, rising by USD30/t over those of last week.
According to the source, the supply shortage is one of the reasons for the current price rise. With the approach of the Christmas and New Year holiday, lots of overseas traders retreat from the market, leading to a tight supply. Meanwhile, he discloses that since POSCO will rearrange its purchasing manners next year, he will reduce the purchasing volume accordingly, cutting the monthly procurement volume from the current level of 1,500t to 1,000t from next January.
Another local importer confirms a price rise, with that of 304 stainless scrap up by USD10/t to USD1,410/t CIF Busan Port.
The source attributes the price increase to sharp and continuous price rise of nickel. Therein, the price of nickel in LME futures market witnessed a total markup of around USD1,000/t in past three weeks, stimulating stainless scrap suppliers to lift quotations. However, seeing the end of the year is coming and the demand shrinks day by day, the source deems the price is hard to go up further and he is inactive in supplementing inventory.
An importer in Busan tells Asian Metal that the import price of 304 stainless scrap for materials from other Asian countries is USD1,400/t and that from USA will be USD1,420/t, both CIF Busan Port, rising by USD30/t over those of last week.
According to the source, the supply shortage is one of the reasons for the current price rise. With the approach of the Christmas and New Year holiday, lots of overseas traders retreat from the market, leading to a tight supply. Meanwhile, he discloses that since POSCO will rearrange its purchasing manners next year, he will reduce the purchasing volume accordingly, cutting the monthly procurement volume from the current level of 1,500t to 1,000t from next January.
Another local importer confirms a price rise, with that of 304 stainless scrap up by USD10/t to USD1,410/t CIF Busan Port.
The source attributes the price increase to sharp and continuous price rise of nickel. Therein, the price of nickel in LME futures market witnessed a total markup of around USD1,000/t in past three weeks, stimulating stainless scrap suppliers to lift quotations. However, seeing the end of the year is coming and the demand shrinks day by day, the source deems the price is hard to go up further and he is inactive in supplementing inventory.
