South Korea’s leading steel maker – Hyundai Steel has further lifted its import scrap prices during this week, amid increasing global scrap prices.
Hyundai Steel bid price for H2 grade of scrap edged up by (Yen 1500) USD 14/MT W-o-W and stood at USD 281 /MT (Japanese Yen 31,000) FoB, Japan. While, bids for shredded scrap accessed around USD 304-305 /MT (Japanese Yen 33,500).
Imported scrap prices are increasing amid bullish sentiments. Market participants expect that prices are likely to increase to Yen 31,500 or above as Japanese traders would not accept any lower prices than that of Hyundai Steel.
Some participants believe that the consistent demand for rebar may impact on summer cuts and production with scrap requirement may continue on higher edge.
Hyundai steel ranked 13th in the list of top steel producing companies in the world and recorded a production of 20.09 MnT. The steel maker is a leading electric arc furnace mill and has also installed blast furnace for steel making. It mainly imports ferrous scrap from Japan over the geological advantage.
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