South Korea: Hyundai Steel lowers bid for Japanese scrap by JPY 1,000/t ($9)

South Korean steel major Hyundai Steel has lowered bids for Japanese scrap by JPY 1,000/t ($9) for all grades, SteelMint confirmed from sources. Bids for H2 are now at JPY 49,000/t ($449) FoB, down against the last bid presented on 18 May’21. Falling bids for Japanese scrap in China have turned sentiments bearish, even if slightly. Also, operations at Hyundai Steel’s Diangjin works remained suspended after an accident, as SteelMint has reported earlier.