South Korean steel major – Hyundai Steel lowered bids for Japanese H2 scrap yesterday, scrap traders reported SteelMint. The bid price for H2 scrap was lowered by JPY 1,000/t ($9.5) as compared to the company’s last bid presented two weeks ago. The new bid price for Japanese H2 scrap was set at JPY 27,000/t ($ 256) FoB Japan, while for HS grade scrap bid stands at JPY 31,000/t ($ 294) FoB Japan level.
Notably, the company has booked around 62,000 t of Japanese scrap today. The bulk cargo booked comprises of 30,000 t of shindachi, 20,000 t of HS, and 12,000 t of shredded at the bid prices presented yesterday.
Last week, due to high Japanese scrap offers, Hyundai Steel had booked 80,000 t bulk cargo for Russian A3 grade scrap. The deal had concluded at $ 303/t CFR Korea basis. Other major steelmakers opted to wait and watch for now and in expectation of further decline in offers.
SteelMint’s price assessment for Japanese scrap export down by $9.5 w-o-w – SteelMint’s assessment for Japanese scrap export stands at JPY 27,500/t ($ 261) FoB Japan, decreasing significantly by JPY 1,000/t ($ 9.5) w-o-w.
Due to Japanese holidays towards the beginning of this week, scrap trades slowed down. And later in the second half, the export offers have noticed a considerable decline. Japanese scrap traders had indicated last week that there was hardly any strong buying interest at previous offers.
Tokyo Steel keeps scrap purchase price unchanged – Japan’s leading EAF mini mill- Tokyo Steel has not revised its domestic scrap purchase price this week. Tokyo Steel is currently paying at JPY 27,000/t ($256) for H2 scrap delivered at its Tahara plant in Central Japan and JPY 26,000/t ($ 247) in Utsunomiya plant (Kanto region).
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