A recent US bulk HMS scrap booking in Korea reflects the firmer tone of the market in Asia, Kallanish notes.

A leading Korean mill  ordered a 48,000-tonne cargo of US scrap this week at $347/tonne cfr HMS I basis. The cargo is due for January arrival, Korean trading sources say. Another Korean mill is also widely heard to have ordered a bulk scrap cargo from another US supplier at $350/t cfr HMS I. However,  Korean trading sources say that the booking is not confirmed.

The latest booking price of $347/t is $25/t higher than the Korean mill's bulk scrap booking in mid-October.  The higher price is to be expected because Japanese scrap prices are very strong, Korean and regional trading sources note.

Hyundai Steel bid Tuesday Japanese H2 grade scrap at JPY 34,000/t fob ($305/t) but Japanese sellers are asking for JPY 34,500-35,000/t fob, a Korean trader says. The domestic scrap market in southern Korea is very strong and the Korean won has also appreciated against the dollar, he adds.

Previously, the last Korean booking of US bulk scrap took place at $325/t cfr HMS I basis during the week of 10 November.