Imported scrap offers to South Korea from Japan have witnessed further fall on a weekly basis. This week Dongkuk Steel has received offers for Japanese H2 Grade scrap at around JPY 20,000/MT (USD 189) FoB basis, however, no booking has been concluded by the steelmaker at this level as yet.
This is a fall by JPY 1000/MT (USD 9) in comparison to the previous week’s offers. This is the lowest offer of Japanese H2 scrap to South Korea since SteelMint’s records from June’2017. On the other hand, Hyundai Steel did not make any open bid for Japanese scrap.
Two other major steel makers – YK steel and Korea Steel were heard to have already concluded deals at around JPY 20,500 /MT (USD 198) FOB basis for Japanese H2. This is lower by JPY 500/MT against the last week’s bookings. Whereas, on arrival, it is expected to be at around USD 209/MT (258,000 Korean Won).
`Inputs from Steeldaily
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