South Korean steelmaker POSCO has continued to share bids for Japanese scrap. Although domestic scrap prices in South Korea are moving down, this was expected as POSCO procures higher grades of scrap from Japan and is expected to continue doing so.
POSCO has shared bids for Japanese HS grade scrap at JPY 46,500/mt ($318/mt) CFR, stable week on week on Japanese yen basis. However, due to the depreciation of the Japanese yen since last Friday, POSCO’s bids are now $8/mt lower on US dollar basis compared to last week.
The producer has not shared any bids for shredded scrap this week. On September 27, POSCO shared bids for Japanese shredded scrap at JPY 45,500/mt ($319/mt) CFR with the exchange rate at $1 = JPY 142.63.
$1 = JPY 146.46
