South Korean steel mill – Dongkuk Steel has signed a contract for 20,000 t of bulk Japanese H2 scrap cargo. The price for H2 scrap was reported at JPY 41,000/t ($376) FoB basis. The price is around JPY 1,000 lower than Hyundai Steel’s bid placed last week. Overseas buyers have been lowering bids and have adopted a ‘wait & watch’ approach which has resulted in a decline in Japanese scrap export prices.
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