Posted on 26 Mar 2021
Japanese scrap prices continue to weaken in Japan and South Korea, Kallanish notes.
In Hyundai Steel’s latest Japanese scrap procurement auction on 25 March, the South Korean steelmarker bid for Japanese H2 grade scrap at JPY 40,000/tonne ($367/t) fob. Hyundai also bid for shredded grade at JPY 44,000/t, and for HS/Shindachi Bara grades at JPY 45,000/t in the same auction.
Hyundai’s latest scrap auction is JPY 1,000/t lower than Dongkuk Steel’s purchase price last week, on 16 March, and JPY 2,000/t lower than its auction held two weeks ago, on 11 March. Hyundai skipped its purchase auction last week, Seoul-based trading sources say.
In the Japanese domestic market, Tokyo Steel reduced its procurement price by JPY 1,000/t in the past week. It is paying JPY 40,000/t for H2 grade scrap trucked to its Utsunomiya steelworks effective 26 March. Its H2 price was JPY 41,000/t effective 19 March and JPY 40,500/t effective 23 March.
Source:Kallanish
