Posted on 22 Oct 2021
The uptrend in Japanese scrap prices continues, Kallanish notes.
In South Korea, Hyundai Steel raised its bid for Japanese H2 scrap in its scrap auction on 21 October. The mill’s bid for H2 at JPY 54,500/tonne ($478/t) fob is JPY 2,500 ($22) higher than its tendered price on 14 October. It placed an order for 3,000-5,000 tonnes of H2 scrap, South Korean trading sources said on Thursday.
In its latest auction, the mill mainly bought Shindachi Bara (Busheling) grade scrap at JPY 67,000/t fob. This bid price is unchanged from last week. The scrap ordered is due for shipment by 21 December. The quantity purchased for Shindachi has not been made known yet.
In the Japanese domestic market, Tokyo Steel raised its scrap procurement prices at its Utsunomiya steelworks, for the second time this week. It is paying JPY 54,500/t for H2 grade scrap trucked to the steelworks, effective 21 October, up JPY 500/t during 19-20 October. The mill has now raised its scrap prices five times amounting to a total of JPY 7,500 during October.
Source:Kallanish
