Scrap prices in Asia have slipped again this week, following the recent decline in Turkey and negative sentiments. Offers for ex-US HMS I/II 80:20 in containers have slipped by $5/mt over the past week tо $255-260/mt CFR, customers told SteelOrbis. At the same time, fresh bookings have been done close to $250/mt CFR, about $8/mt below last week’s transaction prices. “The market is gradually falling everywhere and it has not reached bottom yet,” a Taiwanese importer said.
South Korean customers have also been insisting on lower prices. Hyundai Steel has cut its bid for ex-Japan H2 scrap by JPY 1,000/mt ($9/mt) to JPY 26,000/mt ($245/mt) FOB and, according to a rumor in the market, a supplier is considering whether to accept this bid.
$1 = JPY 106.1