South Korea: Hyundai Steel Keeps Japanese H2 Scrap Purchase Bids Unchanged

South Korea’s leading steel maker-Hyundai Steel has maintained its import prices for Japanese H2 ferrous scrap stable since 1st Sept’17.

Hyundai Steel submitted bid prices recently on 15 Sept’17.The bids for H2 scrap kept unchanged at Japanese Yen 32,500/MT (USD 289) FoB, Japan.Moreover, The bids have remained unchanged from last two bids placed on 1st and 8th Sept respectively.

The bids for H2 scrap remained at Yen 32,500/MT while HS accessed at Yen 35,500/MT and Shindachi at Yen 36,500/MT, FoB Japan respectively.

As per reports, Hyundai Steel believed to have fetched volume of around 20,000-30,000 MT ferrous scrap through the recently concluded tender in Japan.

Few other South Korean mills have also lifted scrap purchase prices for imported scrap from Japan and now stand equivalent to prices offered by Hyundai Steel. Japanese traders consider bids offered by South Korean mills as a trend setter in the market.

However, Hyundai Steel has lifted domestic scrap buying prices by Won 10,000/MT (USD 9) effective from 19th Sept’17.

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.Hyundai steel bids set a benchmark in the South Korean scrap market.

Ferrous scrap prices in Japan remains stable –

This week the domestic prices for Japanese H2 material in Japan rose slightly from the last week. Export offers for Japanese H2 ferrous scrap now assessed at Yen 32,750-33,000/MT, FoB Japan. While offers were at Yen 32,500/MT, FoB Japan last week.

Japan’s leading steel mill, Tokyo Steel Manufacturing have registered second price hike in the same week on 15th Sept and now fetches Japanese Yen 33,000/MT for its Utsunomiya work north of Tokyo. Tokyo steel operates with Tahara, Okayama, Kyushu and Utsunomiya plants and Takamatsu steel center.