Japanese scrap export offers have dropped significantly this week, witnessing slow trade activities. Bulk offers for Japanese H2 are being quoted at JPY 41,000-42,000/t FoB basis. It has now decreased by around JPY 4,000 since the beginning of the month. SteelMint’s price assessment for Japanese H2 scrap export stands at JPY 41,000/t FoB, down by JPY 2,500/t ($24) on a weekly basis.
Hyundai Steel lowers bid for Japanese scrap up to JPY 2,500/t ($24)– Hyundai Steel- South Korea’s prominent steelmaker has reduced its bid price up to JPY 2,500/t ($24) for Japanese scrap purchase this week, SteelMint learned from its trade channels. In latest bids presented by the company, the price for Japanese H2 scrap was set at JPY 39,500/t ($381) FoB level. With these bids, the gap between higher grade scrap and H2 scrap has now reduced, and the company is focussing more on higher-grade scrap. However, deals were not reported at the presented bid levels.
Source- SteelMint
Hyundai Steel resumes operation at Incheon plant– Hyundai steel would partially resume its 70 t and 80 t Incheon plant’s steel mill operations, which was shut down for last three months on scheduled maintenance. The factories are expected to produce at full capacity by the end of this month, as per SteelDaily report.
Prices for Vietnam & Bangladesh slide further- Bulk Japanese H2 scrap offers for Vietnam and Bangladesh have dropped measurably by $15-20 in a weeks’ time. Currently, the offers are stand at $455-460/t and $470/t CFR basis respectively sources have reported to SteelMint. However, the buyers have observed mixed sentiments.
Tokyo Steel cuts scrap purchase price up to JPY 4,000/t ($38) w-o-w- Japan’s leading EAF mill – Tokyo Steel has announced scrap purchase price cut for all five works by up to JPY 4,000/t ($38) this week, SteelMint learned. The company would now pay a price of JPY 42,000/t ($405) for H2-scrap delivered at Tahara plant and JPY 38,000/t ($366) for Utsunomiya plant, effective from tomorrow (23rd Jan’21). Notably, the scrap purchase price in Utsunomiya has hit a one-month low in today’s revision.
Tokyo Steel scrap purchase price effective from 23rd Jan’21
Price in JPY
Source: Tokyo Steel report
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