Posted on 21 Apr 2023
South Korea’s Hyundai Steel continues to reduce its bid prices for Japanese scrap, Kallanish notes.
On Thursday, the leading EAF operator bid Japanese H2 grade scrap at JPY 48,800/tonne ($363/t), and H1/H2 grade at JPY 49,300/t, each JPY 1,000/t down from 6 April. The Korean steelmaker’s bid for HS grade was at JPY 52,300/t, also down by JPY 1,000/t. These are on an fob Tokyo basis.
Hyundai's bid prices remain below Japanese domestic scrap prices. Leading electric arc furnace operator Tokyo Steel also lowered its bid price by JPY 1,000/t to JPY 50,000/t for H2 grade scrap trucked to its Utsunomiya steelworks. The company has been continuously slicing off its H2 procurement prices. It was paying JPY 51,000/t during 12-20 April, JPY 52,000/t during 5-11 April, and JPY 53,000/t during 29 March-4 April.
Source:Kallanish
