While South Korean mill Hyundai has not announced bids for Japanese scrap this week, South Korean producer POSCO has decided to announce bids for HS grade scrap from Japan. Its overall prices have not changed much since last week, but demand for Japanese material has been poor in South Korea. On the other hand, Vietnamese buyers are still showing little interest in importing scrap, and the offer prices to Vietnam have continued to decline this week.
POSCO has kept its bids for Japanese HS scrap at JPY 64,000/mt ($492/mt) CFR or JPY 60,000/mt ($461/mt) FOB, stable week on week.
Meanwhile, SteelOrbis has learned that Japanese suppliers H2 scrap offers to Vietnam are standing at $470-480/mt CFR, but no deal has been reported at this level yet. There are rumors of Vietnam buying Japanese H2 grade scrap at $475-495/mt CFR, while the declining trend of scrap prices in Vietnam continues.
Also, the most recent ex-Hong Kong deal for HMS I/II 50:50 scrap by bulk to Vietnam was for a small tonnage and was closed at $445/mt CFR, SteelOrbis has learned.
Last week, Japanese H2 scrap offers to Taiwan were in the range of $480-500/mt CFR.
$1 = JPY 130