On January 30, SteelOrbis reported that several leading South Korean steelmakers reduced their bids for Japanese H2 scrap to JPY 35,500-35,900/mt ($326-330/mt) FOB Tokyo Bay.
Sources report that this week, several leading South Korean EAF steelmakers including Hyundai Steel reduced their import buying prices further by JPY 900-1,000 to JPY 34,500-35,000/mt ($316-321/mt) FOB Tokyo Bay. The new bid range represents a decline of $10/mt from the bottom of the previous range and $9/mt from the top of the same range.
A source noted, “Given the falling global scrap prices and softer Japanese domestic scrap prices, the new lower bids by South Korean mills are likely to attract sufficient scrap over the week to meet demand.”
USD = JPY 108.84 (Jan 30)
USD = JPY 109.12 (Feb 6)