South Korea: Hyundai Steel cuts bid for Japanese scrap by $14

South Korean mill – Hyundai Steel has reduced its bids for Japanese scrap by JPY 1,500/t ($14) for all grades, sources have confirmed to SteelMint. The bid for H2 is now set at JPY 42,000/t ($392) FoB level, down against its last bid presented on 04th Mar’21. With yesterday’s Kanto Tetsugen export tender fetching lower bids than market prices have weakened Japanese scrap price sentiments, resulting in a price drop.