South Korea: Hyundai Steel reduces bids for Japanese scrap by $27/t

South Korean steel major Hyundai Steel today has reportedly placed bids for Japanese ferrous scrap lower by JPY 3,000/t ($27) for all grades vis-a-vis the last bid placed on 20 May, as per SteelMint. Bids for H2 are now at JPY 46,000/t ($419), FoB. The bids presented are down by JPY 1,000/t against last week’s bids placed by Dongkuk Steel. Decline in bids quoted by Vietnamese and South Korean mills are keeping Japanese ferrous scrap prices under pressure.