South Korean steel producer POSCO has bid at a stable price for Japanese scrap compared to its bid on September 26, though with no response from Japanese sellers amid increased price levels in their domestic market. Earlier this week, Tokyo Steel announced an increase in its local scrap purchase prices, while scrap demand in Japan is reported to be lively. In South Korea, scrap flow to steel producers has slowed down during the Chuseok holiday, causing their scrap inventory levels to fall. Market sources report that the domestic steel and scrap markets in South Korea have maintained a cautious stance since the holiday, waiting to see clearer signs for the future price trend.
POSCO has kept its bids for Japanese HS grade scrap stable at JPY 49,000/mt ($326/mt) CFR, down by $1/mt as compared to the level recorded on September 26. POSCO has kept its bid prices for Japanese shindachi unchanged at JPY 49,000/mt ($326/mt) CFR and shredded A grade scrap at JPY 48,000/mt ($319/mt) CFR.
$1 = JPY 150.32
