Through the first half of February, SteelOrbis reported that South Korean steelmakers reduced bids for Japanese scrap. On February 13, SteelOrbis reported bids for H2 scrap at JPY 34,000-34,500/mt ($316-320/mt) FOB Tokyo Bay.
Sources inform SteelOrbis that South Korean steelmakers have now robustly increased their bids for Japanese H2 scrap by JPY 800-1,200/mt to JPY 34,800-35,700 ($326-335/mt) FOB Tokyo Bay in an effort to secure the raw material. The new bid range increased by $10/mt on the bottom of the previous range, and $15/mt from the top of the same range.
USD = JPY 107.74 (Feb 13)
USD = JPY 106.60 (Feb 23)