Following lower bids in Japan’s monthly Kanto tender and a price cut for domestic scrap by Tokyo Steel at Utsunomiya works in Japan, the steelmaker has lowered bids for Japanese scrap purchase.
South Korea’s leading EAF steelmaker – Hyundai Steel has presented bids for Japanese scrap today for this week. As per updates received on this, Hyundai Steel has lowered bids for H2 grade by Yen 500/MT (USD 5). Now the bid was assessed at Yen 33,500/MT (USD 305) against its last bid made in the beginning of June at Yen 34,000/MT.
Latest bids for high-grade Japanese scrap have also witnessed reduction. Bids for medium grade scrap like HS and Shredded assessed at JPY 37,500/MT (USD 341) and for high-grade scrap Shindachi Daichibara (SB) at JPY 40,500/MT (USD 368) on FoB Japan.
Last week the steelmaker had bid for high-grade Japanese scrap stable as against previous week.
South Korean mills book bulk US scrap cargoes – Hyundai Steel has booked 48,000 MT US origin HMS 1 at USD 357.5/MT and Dongkuk Steel has recently contracted for bulk US origin HMS 1 scrap cargo for 32,000 MT for August delivery at USD 357.5/MT, CFR.
Japan’s monthly Kanto scrap tender receives lower bids – Kanto Tetsugen’- monthly ferrous scrap export tender for June’18 concluded yesterday (on 13th June). The average bids for June’18 recorded at JPY 34,000/MT (USD 309), FAS. On monthly premises, bids have edged down by JPY 245/MT (USD 2) M-o-M as against the average bids fetched at JPY 34,245/MT (USD 311) in May’18. In the June’18 auction, 10,000 MT of Japanese H2 scrap was awarded through a winning bid placed.
South Korean domestic scrap prices down amid sufficient inventories – South Korean domestic scrap prices have moved down further this week. As major steelmakers like YK, Hyundai, Welcome and Korea Steel have slashed prices by KRW 15,000-20,000/MT (USD 14-19). Aggressive rebar production cuts to maintain deficit and supply-demand gap had resulted in the sharp fall in scrap purchases in South Korea both in domestic and import markets.
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