South Korean stainless scrap market makes no improvement
2014-11-24 09:05:34 [Print]
BEIJING (Asian Metal) 24 Nov 14 - Though the price of nickel, the raw material for stainless scrap showed an upward trend these days, stainless scrap prices in South Korea remained unchanged
A South Korea-based trader quotes KRW1,499,000/t (USD1,350/t) for 304 stainless scrap, unchanged compared with that of last week.
The source tells Asian Metal that the price of nickel, the raw material showed signs of rebounding recently after staying on the downward trend for a long period. However, stainless scrap prices are hard to follow suit quickly without the strong support from downstream demand . To avoid risks, he has reduced the total stockpile of stainless scrap from the target level of 6,000t to the current one of 3,000-4,000t.
Another local purchaser tells Asian Metal that the price of 304 stainless scrap is KRW1,444,000/t (USD1,300/t), the same as last week.
The source tells Asian Metal that November is the traditional slow season for stainless steel industry, and major finished stainless steel producers including POSCO have reduced their purchasing volume. His monthly purchasing volume is 30,000-40,000t for the time being, while the regular one in the peak season is around 50,000t . He doesn’t believe stainless scrap market will make any significant improvement within a short period.
. Considering the insufficient demand from finished stainless steel producers, insiders believe local stainless scrap market will continue to be sluggish for some time.
A South Korea-based trader quotes KRW1,499,000/t (USD1,350/t) for 304 stainless scrap, unchanged compared with that of last week.
The source tells Asian Metal that the price of nickel, the raw material showed signs of rebounding recently after staying on the downward trend for a long period. However, stainless scrap prices are hard to follow suit quickly without the strong support from downstream demand . To avoid risks, he has reduced the total stockpile of stainless scrap from the target level of 6,000t to the current one of 3,000-4,000t.
Another local purchaser tells Asian Metal that the price of 304 stainless scrap is KRW1,444,000/t (USD1,300/t), the same as last week.
The source tells Asian Metal that November is the traditional slow season for stainless steel industry, and major finished stainless steel producers including POSCO have reduced their purchasing volume. His monthly purchasing volume is 30,000-40,000t for the time being, while the regular one in the peak season is around 50,000t . He doesn’t believe stainless scrap market will make any significant improvement within a short period.