On February 6, SteelOrbis reported that several South Korean steelmakers further reduced bids for H2 scrap to JPY 34,500-35,000/mt ($316-321/mt) FOB Tokyo Bay.
Sources inform SteelOrbis that bids have declined another JPY 500 and are now reportedly at JPY 34,000-34,500/mt ($316-320/mt) FOB Tokyo Bay. While prices declined in domestic terms, due to the continued gains of the local currency against the dollar, prices remained relatively stable in dollar terms with a negligible loss of $1/mt from the top of the previous range. Sources report, South Korean mills attracting scrap against the provided bids.
USD = JPY 109.12 (Feb 6)
USD = JPY 107.74 (Feb 13)