South Korea’s leading steel maker – Hyundai Steel has further raised its import prices for Japanese H2 ferrous scrap by (Yen 1,000/MT) USD 9/MT once again in this month.
This is for the third time that the company has announced price hike in Aug’17 after previous hikes announced on 8 and 18 Aug’17.
Hyundai Steel bid prices for H2 grade of scrap now stood at USD 309 /MT (Yen 33,500/MT) FoB, Japan. Earlier to this prices were lifted at around USD 299 /MT on 18th Aug’17.While, bids for HS scrap accessed around USD 332 /MT (Yen 36,000/MT).
Amid increasing domestic scrap prices Hyundai steel managed to bid higher than other South Korean mills in order to secure higher material before further rise in the prices.
Hyundai steel ranked 13th in the list of top steel producing companies in the world and recorded a production of 20.09 MnT in CY16. 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.
Supply of ferrous scrap is expected to be even tighter in upcoming days as Japanese mills have started to collect H2 scrap.
Japan’s leading steel mill, Tokyo Steel Manufacturing, has also raised its scrap buying prices from 22 Aug’17 at its all works in Japan Upto USD 14 /MT (Yen 1500/MT).Tokyo steel operates with Tahara,Okayama,Kyushu and Utsunomiya plants and Takamatsu steel center.
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