Bid prices for ex-Japan H2 scrap in South Korea have continued to go down on Thursday, October 15, putting pressure on suppliers. Although the price level in other importing countries like Vietnam has remained stable so far, the general price level for H2 scrap has declined.
Hyundai Steel has announced its new bid for ex-Japan H2 scrap at JPY 26,000/mt ($247/mt) FOB, down by JPY 500/mt ($4.7/mt) from two previous bookings by other mills in South Korea done this week and JPY 1,000/mt ($9.5/mt) below the mills’ previous bid. Sources mentioned that “it will be hard to find volumes at this price,” as stated by one of the main traders from Japan.
A bid for HS scrap has been announced at JPY 29,500/mt ($280/mt) FOB, with a bid for shindachi at JPY 30,000/mt ($285/mt) FOB. Compared with Hyundai’s bids in the past round of purchases on September 25, the price level for HS has lost JPY 1,500/mt ($14/mt), while the price for shindachi is down JPY 1,000/mt ($9.5/mt).
Prices for Japanese scrap in S. Korea is among the lowest, while the workable price for H2 in Vietnam has remained at $295/mt CFR, which translates to JPY 27,500-28,000/mt FOB.
The SteelOrbis reference price for H2 scrap from Japan has been lowered by JPY 500/mt from last week to JPY 26,000-28,000/mt ($247-266/mt) FOB.