Scrap tumbles in Asia

Posted on 12 March 2021

Scrap prices are weakening in South Korea and elsewhere in East Asia, Kallanish notes. Hyundai Steel has lowered Korean bidding prices for Japanese scrap in its latest auction held on 11 March. Its bid prices are JPY 1,500/tonne ($14/t) lower versus its tender on 4 March.

The company’s bid for Japanese H2 grade is JPY 42,000/tonne ($405/t) fob. In the same auction, Hyundai also bid for H1/H2 50:50 scrap at JPY 42,500/t, for shredded grade at JPY 46,000/t, and for HS/Shindachi Bara grades at JPY 47,000/t.

Offers for Japanese H2 grade scrap have dipped further to $450-455/t cfr southern Vietnam, $5/t lower from 9 March. Buyers are waiting for prices to come down further, an importer said on Thursday. A small bulk cargo of P&S scrap was booked on 11 March at $485/t cfr China, a regional trader reports. P&S prices had peaked at above $500/t cfr China earlier this month.

Source : Kallanish