South Korea: POSCO raises bids for Japanese ferrous scrap

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South Korea’s POSCO has increased bids for Japanese ferrous scrap in the range of JPY 1,000-2,000/t ($9-17/t) compared to last bids.
Bids for shredded scrap are now at JPY 54,500/t FOB ($476/t)and for HS material are at JPY 56,500/t FOB ($494/t).
Although these prices are lower by JPY 1,500 ($13/t) compared to Hyundai Steel’s bid on 13 Jan, there is little room for a price drop in the near term.

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