South Korea: Hyundai Steel Books Bulk Scrap Cargo from US at Lower Prices

SteelMint in conversation with sources learned that Hyundai Steel has booked 45,000 MT HMS 1 scrap from US recently for Dec shipment.The deal was learned to have concluded at USD 244/MT, CFR basis. It is to be noted that with recent booking, bulk scrap bookings have come down by around USD 30. Prior to this in mid Sept'19, Hyundai Steel booked 45,000 HMS 1 scrap from US for Nov shipment at USD 275/MT, CFR basis.

In another recent bulk booking made, South Korea's Dongkuk Steel has booked 30,000 MT HMS 1 Scrap from US at USD 245/MT, CFR for Nov shipment.

This week, Hyundai Steel has kept away from bidding for Japanese scrap. Last week the company lowered its purchase bids for Japanese scrap by another JPY 1,000/MT today. In bids presented last week for Japanese scrap, the company has reduced H2 scrap bids to JPY 24,000/MT FoB Japan

Market awaits Kanto Tetsugen tender results - Market participants are waiting for Kanto Tetsugen tender for Oct'19 to get a clear outlook on Japanese scrap export prices. The tender is scheduled on 09th Oct'19.