Over the past week, South Korean steelmaker Hyundai Steel has announced another cut in its bids for Japanese scrap. As SteelOrbis reported, the latest revision in S. Korean producers’ bids was done on August 5.
According to Hyundai’s announcement, bids for H2 grade and shredded scrap have decreased by JPY 500/mt ($4.5/mt) to JPY 45,000/mt ($411/mt) FOB and JPY 55,000/mt ($501/mt) FOB, respectively. The new bid for H1/2 is at JPY 45,500/mt ($415/mt) FOB.
Additionally, the producer’s purchase prices for HS grades are now at JPY 58,000/mt ($529/mt) FOB, again JPY 500/mt ($4.5/mt) lower as compared to last week. Shindachi bara prices were reduced to JPY 63,500/mt ($579/mt), all on FOB basis.
This is the third reduction in Hyundai’s prices announced after the stable price policy followed for two months. Hyundai announced its first price decrease of JPY 1,000/mt on July 29 and the second on August 5 by JPY 1,500/mt. The total downward revision has reached JPY 3,000/mt since July 29. However, the producer made only two reductions for shindachi bara in the same period, which totalled JPY 1,000/mt ($9/mt).
$1 = JPY 109.61