JMB reported that South Korean electric furnace steel makers, including Hyundai Steel and Dongkuk Steel, are moving to conclude import contracts for Japanese ferrous scrap when domestic ferrous scrap price is rising rapidly.
As per report, they aim to brake steep upsurge of domestic ferrous scrap price by purchasing Japanese ferrous scrap. The electric furnaces are likely to approve as high as JPY 40,000 per tonne FOB.
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