Sources inform SteelOrbis that South Korea’s Hyundai Steel has kept its scrap bid price for Japanese H2 scrap stable week-on-week for the week-ended July 12. The bidding prices from the steel mill had decreased consistently from March to early July. The recent stable bid level of JPY 27,000/mt ($250/mt) FOB Japan heard into the present week is expected to provide Japanese domestic H2 scrap prices with support after a consistent decline for the past several months. On July 5, the bid level was JPY 27,000/mt ($249/mt) FOB Japan. Due to currency fluctuations, the price has increased by $1/mt.
USD = JPY 108.56 (Jul 5)
USD = JPY 107.91 (Jul 15)