South Korean steel major Hyundai Steel has slashed bids for Japanese ferrous scrap today. Bids have been reduced by JPY 2,000/t ($17/t) for H2 grade scrap compared to the last bid on 5 Nov’21. Bids are now at JPY 49,500 ($431/t) FOB Japan. Japanese domestic scrap procurement prices have inched down following global trends and declining bids from overseas buyers.
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