Korea’s Hyundai Steel has unexpectedly cut its bids for Japanese-scrap import by JPY 500/t ($ 5), with bids for H2 at JPY 22,000/t ($ 206) while JPY 24,500/t for HS and Shindachi, FoB Japan, after prices were widely expected to move up instead, post Kanto-tender’s result last week, where winning-bids were quite higher than prevailing market-prices. The steelmaker may prefer deep-sea cargoes more for now.
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