South Korea’s leading electric arc furnace steel maker – Hyundai Steel has raised its import prices for Japanese H2 ferrous scrap in its latest bid. The bid prices for Japanese H2 scrap were kept at Yen 33,500/MT (USD 299) FoB Japan, against last bid of Yen 30,500-31,000/MT (USD 272-276/MT) on 01 Nov’17.
Presently, price for other grades of scrap – HS is accessed at Yen 36,500/MT and Sindachi Press at Yen 38,500/MT, FOB Japan respectively.
Japan’s domestic scrap demand remains strong as this is a peak construction season in Japan. Japanese traders justify the strong demand for scrap in the domestic market by incremental billet exports from Japan. Following this, the Japanese companies have increased their domestic scrap purchases.
Tokyo Steel has raised scrap purchase prices consecutively fifth time in Nov17 on 18 Nov’17. Prices hiked further at its western Japan-based works today by USD 5/MT (JPY 500). Now H2 scrap fetches JPY 35,000/MT (USD 312) at largest work in central Japan-Tahara. While the same grade fetches JPY 34,000/MT (USD 303) at Utsunomiya works in north Japan, as well as at Okayama and Kyushu works in west Japan respectively.
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