South Korea: Hyundai Steel cuts bids for Japanese scrap import

South Korean steelmaker Hyundai Steel has cut its bids for Japanese scrap purchase to JPY 25,000/t ($232) for higher grade HS scrap, Shin dachi and Shin dachi press. Although the company hasn’t bid for H2 this time, these bids put H2-scrap at JPY22,500/t ($209), further down from JPY23,500/t prices last-week, and down by JPY 5000/t ($47) since mid-June levels.