South Korea: Hyundai Steel Further Cuts Japanese Scrap Purchase Price by USD 9/MT

South Korean leading EAF steelmaker Hyundai Steel has further reduced Japanese imported scrap bids by JPY 1000/MT (USD 9) today.

In line with the downward trend in global scrap prices, South Korea’s leading electric arc furnace steelmaker – Hyundai Steel has reduced its import prices for Japanese H2 ferrous scrap by Japanese Yen 1000/MT (USD 9). Its latest bid put for H2 grade scrap was at JPY 35,500/MT (USD 327), FoB Japan against its last bid reported on 23rd Jan’18 which was at JPY 36,500/MT (USD 336) FoB Japan.

New prices for other grades of scrap are assessed for H1/2 (50:50) at JPY 36,000/MT (USD 331), Shredded scrap at JPY 38,500/MT (USD 354), HS scrap at JPY 38,500/MT and Shindachi scrap at JPY 40,500/MT while Shindachi Press scrap at JPY 41,500/MT (USD 382) on FOB Japan basis respectively.

Prior to this, the steelmaker reduced bids for Japanese scrap by JPY 1000/MT (USD 9) on 23 Jan’18.

Hyundai Steel is one of the largest buyers of Japanese scrap. According to market participants company imports yearly around 500,000-600,000 MT scrap from Japan. While imports total 200,000-250,000 MT scrap monthly.

Sentiments in global ferrous scrap market have weakened resulting in a decline in offers. Last week imported scrap prices in Turkey reported a drop of USD 10-15/MT, W-o-W.