Leading steel mills in South Korea and Japan have raised bid prices of Japanese H2 scrap.
South Korean steel maker Hyundai Steel which is also one of the largest steel makers in the world with output of 20.09 MnT in CY16 has raised its bid prices for Japanese H2 scrap. The steel maker hiked bid prices by Yen 2,000/MT to Yen 26,000/MT FoB from the previous week’s bid at Yen 24,000/MT.
Bids for Shredded scrap remained at Yen 28,500/MT FoB.
As per reports the steel maker booked quantity of around 40,000 MT scrap at the increased bid price out of which around 30,000 MT was H2 scrap.
Japanese traders eyeing for high offers – Japanese scrap traders are eyeing for levels of Yen 26,500-27,000/MT FoB. Though current bids are lower than the expected bids of Japanese traders but are still not that bad to be worked out by those who are short of backlog orders.
Earlier this month, Japan’s Kanto Tetsugen ferrous scrap (H2) monthly tender fetched bid higher by USD 7/MT (Japanese Yen 790).
Tokyo Steel decides to lift scrap buying prices – Japan based steel maker – Tokyo Steel has decided to lift its scrap buying prices by Yen 500-2,000/MT for its Kyushu and Utsunomiya works.
Scrap distributors are holding prices as of now in anticipation of further price rise.
Japan scrap exports in Jan-Apr’17 – According to Customs data maintained with SteelMint, Japan has exported 2.69 MnT ferrous scrap during Jan-Apr’17 compared to 2.97 Mnt in the same period last year. Out of this major destinations were South Korea, China and Vietnam.
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