Posted on 23 Sep 2022
South Korea’s Hyundai Steel lowered its bid prices for Japanese scrap on Thursday, Kallanish notes.
The Korean steelmaker bid for Japanese H2 scrap at JPY 48,500/tonne ($344/t) and H1/H2 at JPY 49,000/t, down JPY 1,300/t from its previous purchase auction on 30 August. Its bid for HS grade scrap was at JPY 54,000/t, down JPY 1,500/t on the previous auction. These are on an fob basis, with freight from Tokyo to Inchon estimated at JPY 4,640/t.
Korean demand has weakened, a Seoul-based trader says. There are some signals that the domestic market in Korea may be dropping soon, and that the recent typhoon hitting Posco and Hyundai Steel could be the reason for this.
More details of the outcome of the tender may be made known on 23 September, the trader says.
Source:Kallanish
