South Korean steel maker- Hyundai Steel has booked a bulk HMS scrap cargo of 32,000 MT yesterday from a US (West Coast) based scrap yard. The deal was heard to have concluded at around USD 261/MT CFR South Korea, SteelMint learned from market participants.
Towards end of Jan’20, Hyundai Steel had booked a 45,000 MT of bulk cargo from the same US recycling yard, at USD 287.5/MT CFR. The latest booking has come at a sharp drop of around USD 25/MT is such a short span of time, indicating the extent of collapse in global scrap prices.
Hyundai Steel lowers bid for Japanese scrap – Japanese scrap too has continued the downtrend, with the Hyundai Steel presenting a bid today (6th Feb’20) for Japanese H2 scrap procurement lowered to JPY 23,000/MT (USD 209) FoB Japan as compared to JPY 25,500/MT bids were reported in the last month in Jan’20.
The price has significantly moved down by JPY 2500 (USD 23) against previously presented bids in late Jan’20.
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