South Korea’s leading electric arc furnace steel maker – Hyundai Steel has raised its import prices for Japanese H2 ferrous scrap. Its latest bid put was at Yen 35,000/MT (USD 308), FoB Japan for H2 grade scrap against its last bid made on 28th Nov which was at JPY 34,000/MT (USD 299.5) FoB Japan.
SteelMint reported yesterday that few South Korean mills have bid for Japanese H2 scrap at Yen 35,500-36,000/MT (USD 313-317/MT). Thus trade sources are of the view that at lesser bids it looks difficult if Hyundai Steel will be awarded the cargo.
Japan’s domestic scrap demand remains strong as this is a peak construction season in Japan. Japanese traders justify the strong demand for scrap in the domestic market by incremental billet exports from Japan. Following this, the Hyundai Steel would have increased their domestic scrap purchases.
Japan’s leading EAF steel producer – Tokyo Steel has raised scrap purchase prices for the first time in Dec’17. After seven consecutive price hikes in month Nov’17, the steelmaker has raised scrap purchase prices today with effect from 06 December. The company has increased its scrap buying prices further by JPY 1000/MT (USD 9) at its Utsunomiya works while by JPY 500/MT (USD 5) at all other works of the company.
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