Sources inform SteelOrbis that several leading steelmakers from South Korea have reduced their bids for Japanese H2 scrap.
Previous bids from the same leading steelmakers from South Korea were hovering around JPY 37,000-38,000/mt ($334-343/mt) FOB Tokyo Bay, for example, and have now reportedly declined to JPY 36,500-36,900/mt ($331-335/mt) FOB Tokyo. The new range reflects a decline of $3/mt from the bottom of the previous range and $8/mt from the top of the same range. A source stated, "The results from the latest Tetsugen auction may have been the peak for H2 export scrap in January."
USD = JPY 110.82 (Jan 17)
USD = JPY 110.26 (Jan 23)