Hyundai raises Japanese scrap price after Kanto tender

Posted on 10 June 2021

Kanto Tetsugen's recent monthly export auction closed marginally higher for Japanese H2 grade scrap from Tokyo Bay, Kallanish notes. On the same day, Hyundai Steel increased its Japanese scrap purchase prices by JPY 1,000/tonne ($9) in its latest procurement auction.

The Kanto Tetsugen Cooperative Association auction on 9 June awarded Nippon Steel Trading Corp a 7,500-tonne parcel at JPY 49,195/t ($449/t) fas for H2 grade scrap. Trading sources estimate this to be around JPY 50,195/t ($459/t) fob. The latest award price is JPY 362/t higher than last month’s tender. The association announced that 14 companies submitted bids for a total of 128,700t.

Meanwhile, Hyundai Steel issued a bid for Japanese H2 grade scrap at JPY 47,000/t fob Japan. Hyundai also bid for shredded grade at JPY 51,000/t, HS grade at JPY 52,000/t and Shindachi Bara grade at JPY 53,000/t in the same auction. The South Korean company raised its bid prices after taking into consideration the latest Kanto tender award price, according to a Seoul-based trader. It previously bid for H2 scrap at JPY 46,000/t on 3 June.

In the Japanese domestic market, Tokyo Steel has kept its scrap prices stable. It is paying JPY 48,000/t for H2 grade scrap trucked to its Utsunomiya steelworks, unchanged since 19 May.

Source : Kallanish