Posted on 28 Apr 2023
Scrap markets continue to weaken in East Asia. Leading mills announced a cut in their scrap procurement prices, Kallanish notes.
South Korea’s leading electric arc furnace operator, Hyundai Steel, has further lowered its bid prices for Japanese scrap. It cut its prices on Thursday for all grades by JPY 1,000/tonne ($7/t) from 20 April.
Its bids on 27 April were at JPY 47,800/t ($58/t), and H1/H2 grade at JPY 48,300/t. The Korean steelmaker’s bids for shredded and HS grades were at JPY 50,800/t and JPY 51,300/t respectively, also each down by JPY 1,000/t. These are on an fob Tokyo basis and due for shipment by 10 June.
Hyundai continues to bid at below Japanese domestic scrap values. Leading EAF operator Tokyo Steel reduced its bid price this week by JPY 1,000/t to JPY 49,000/t for H2 grade scrap trucked to its Utsunomiya steelworks, effective 26 April.
Meanwhile, Taiwan’s Feng Hsin Steel announced on Thursday it will lower its domestic scrap purchase prices by TWD 600/t ($19.5/t) effective 28 April. The Taichung-based mill will pay TWD 11,200/t for Taiwanese HMS 1 grade scrap. Another Taiwanese mill, Tung Ho Steel Enterprise, will likewise cut its scrap prices by TWD 600/t effective Thursday.
Four other Taiwanese EAF mills reduced their scrap purchase prices earlier this week by TWD 300/t. They are Wei Chih Steel Industrial and E-Sheng Steel, both located in Tainan, and E-Top Metal and Chien Shun Steel, which operate in central Taiwan.
Source:Kallanish
