South Korean producer POSCO shared bids for Japanese scrap, increasing them by JPY 500-1,000/mt week on week. Market sources state that the fluctuation of the Japanese yen is impacting the price and the offered quantity. Meanwhile, the declining trend of the local South Korean scrap market seems to be ending, if not already ended. SteelOrbis hears that producers are cautious about announcing further decreases for domestic scrap.
SteelOrbis has learned that South Korean POSCO has shared bids for Japanese HS scrap at JPY 58,000/mt ($409/mt) CFR, JPY 500/mt higher than the producers’ bids last week. This level indicates FOB based prices for Japanese HS scrap are at around JPY 55,162/mt ($389/mt), with the freight being around $20/mt.
South Korean POSCO has also increased its bids for Japanese shredded scrap by JPY 1,000/mt week on week to JPY 57,500/mt ($405/mt) CFR. This level indicates FOB based prices for Japanese shredded scrap are at around JPY 54,662/mt ($385/mt).
$1 = JPY 141.88
