South Korea’s domestic Light and Heavy A scrap were unchanged during the week to March 11.

The price of H2-equivalent Light A grade scrap was stable week over week at Won 440,000/mt ($299/mt). Heavy A domestic grade scrap prices was unchanged at Won 460,000/mt ($312/mt) on March 11.

Most mills continue to look toward purchasing domestic scrap instead of imported scrap due to its price competitiveness, a South Korea-based trader said. The price gap between imported and domestic scrap was heard to be at about $30-$34/mt, according to the same trader.

Some southern mills lowered domestic scrap prices prior to the Lunar New Year period. However, pricing in the week to March 6 got support from insufficient scrap inflows and competition from major South Korea-based mills that had kept their domestic prices steady, according to an Indonesian-based mill source.