South Korea: Hyundai Steel Books Two Bulk Scrap Cargoes from US
SteelMint learned from the updates that South Korean leading EAF steelmaker- Hyundai Steel has recently booked two more bulk ferrous scrap cargoes from the US.
The steelmaker reported to have contracted around 40,000 MT cargo from Schnitzer scrap yard and 43,000 MT of cargo from SIMS scrap recycler at an average equivalent price of (HMS 1) USD 312/MT, CFR South Korea.
As per data available with SteelMint, the company had booked one June shipment bulk cargo at USD 333/MT, CFR during the first week of April while another bulk cargo was booked for equivalent HMS 1 at USD 329/MT, CFR three weeks back. Thus, bulk scrap prices from US suppliers have been observed a sharp fall of around USD 17/MT as against prior bulk contract made.
Hyundai’s bid for Japanese H2 scrap was at JPY 31,000/MT (USD 278) on 26th April before starting of Golden Week holidays.
Market awaits Kanto’s scrap export tender response - Most of the Japanese market participants are waiting for Kanto Tetsugen monthly scrap export tender, scheduled on 10th May for this month to have more clarity on market direction. Participants believe that Japanese prices have already reached the bottom and may rebound in the near terms.
source: SteelMint
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