South Korea: Hyundai Steel cuts bids for Japanese scrap by up to JPY 3,000/t ($26)

South Korean steel major Hyundai Steel has slashed bids for Japanese ferrous scrap today. Bids have fallen by JPY 3,000/t ($26) for H2 grade scrap compared to the last bid on 22 Oct’21, and are now at JPY 51,500 ($453) FoB Japan. Bids have fallen due to declining bids in the Asian markets along with the drop in Tokyo Steel’s scrap purchase prices.