South Korea: Hyundai Steel Cuts Bid for Japanese Scrap; Books US Bulk Cargo
South Korean leading EAF steelmaker, Hyundai Steel has reportedly lowered the bids for Japanese scrap purchase by JPY 1,000/MT (USD 9) today.
The lowering of bid comes in the wake of another price cut in scrap purchase price by Tokyo Steel amid continued downtrend in the Japanese domestic scrap market and lowering of bids for Kanto’s monthly scrap export tender for June month indicating the prices yet to reach the bottom.
In bids presented today for Japanese scrap, the company has reduced H2 scrap bids to JPY 29,000/MT (USD 268), FoB Japan as against JPY 30,000/MT(USD 277), FoB presented in last revision 3 weeks ago, while its last tender has reportedly been suspended after the previous price cut on 23rd May. At these lowered prices, suppliers expect fewer purchase of high-grade Shindachi scrap.
The company is negotiating another contract of bulk cargo for Russian scrap (A3 Grade) at a marginally lowered price of USD 295/MT CFR South Korea, against last contract booked for USD 296/MT in May’19. The Russian scrap prices had dropped in early weeks of May, and thereafter have shown fluctuating trend since the 3rd week May onwards.
Hyundai Steel books US bulk scrap cargo - In the bulk contract reported today, Hyundai steel has booked a mixed grade bulk cargo of total 40,000 MT from USA (West Coast) with 8,000 MT HMS 1 at USD 305/MT, 2,000 MT of HMS 2 at USD 300/MT, 5,000 MT of P&S scrap at USD 315/MT and 25,000 MT of high grade scrap Shindachi Daichibara (SD) at USD 310/MT, CFR South Korea. Notably, US bulk scrap prices lowered by USD 3/MT against the last bulk contract reported at USD 308/MT by Dongkuk steel in mid-May.
Hyundai steel is the largest buyer of Japanese scrap which imports around 2.5 MnT scrap every year comprising around 30% of total Japanese yearly scrap exports. Hyundai’s bidding for Japanese scrap is considered to be the benchmark for East Asian scrap market.
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source: SteelMint
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