South Korea’s leading steel maker – Hyundai Steel, further raised its bid price for Japanese H2 ferrous scrap by Yen 2,500/MT (USD 22/MT) to Yen 28,500/MT (USD 254.9 /MT) FOB.
In the third week of Jun’17, Hyundai Steel hiked bid prices sharply for Japanese H2 scrap by Yen 2,000/MT to Yen 26,000/MT FOB from Jun’17 first week’s bid which was at Yen 24,000/MT.
Reports suggested that although Japanese scrap price is increasing but its still comparatively lower than US scrap prices, so the company managed to bid higher than the bids by other South Korean mills.
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.
Japan’s leading steel mill, Tokyo Steel Manufacturing, has also raised its scrap buying prices from 20 Jul’17 at its Tahara works in central Japan and Utsunomiya works ,north of Tokyo to Yen 28,000/MT.
Japanese monthly scrap export tender for Jul’17 fetched Higher bids:
The Japanese monthly scrap export tender-“Kanto Tetsugen” which is price setter for Japanese scrap market has already conceded higher bids by Japanese Yen 2,510 on 11 Jul’17 registering 2nd consecutive monthly rise.
As per sources, the average bid price in Jul’17 tender stood at Japanese Yen 28,035 FAS, higher by Japanese Yen 2,510 against the average of previous month’s tender conducted in Jun’17. In Jun’17, the tender fetched average bid price of Japanese Yen 25,525/MT.
~Inputs from IRU-MIRU
Leave a Reply