Hyundai Steel, the main scrap importer in South Korea, has announced new bids for Japanese scrap at around JPY 1,000-1,500/mt ($9-14/mt) higher than the previous booking level. However, these bids are still far below current offers from Japan, which have increased sharply after the Kanto Tetsugen export tender.
Hyundai Steel has placed bids for H2 scrap at JPY 28,000/mt ($264/mt) FOB, while the previous contracts to South Korea were done at JPY 27,000-27,500/mt FOB. However, current offers for this grade from Japan are at JPY 30,500/mt FOB. So “it is unlikely that they [Hyundia] will buy much. Exporters will not sell,” a trader told SteelOrbis.
The producer has also announced bids for HS scrap at JPY 32,000/mt FOB, while the previous sale was at JPY 30,500/mt FOB. The new bids for shredded scrap are at JPY 30,500/mt FOB, while those for shindachi are at JPY 31,000/mt FOB.