South Korean steel maker – Hyundai Steel has raised bids for Japanese scrap following a global uptrend. In bids Hyundai Steel presented today (20th Dec’19) bid for Japanese H2 scrap procurement moved up to JPY 26,500/MT (USD 242) FoB Japan. As per reports, the price is higher by JPY 1000 (USD 9) against last prices in individual negotiations.
The bid price for other grades was set at JPY 27,000/MT (USD 247) for H 1& 2, JPY 29,500/MT (USD 270) for shredded and JPY 30,000/MT ( USD 274) for Shindachibara.
However, as per recent reports, Japanese suppliers continue demanding above JPY 27,000/MT (USD 247/MT) for H2 grade scrap, it is highly expected by the buyers that Japanese suppliers will actively respond to this bid.
The eight months long downtrend in the Japanese scrap market ended with a rebound in Nov’19 resulting in rebound in Kanto-Tender’s bids resulting in a sharp increase in the export offers.
~Inputs from Steel Daily
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