Hyundai cuts bid price for Japanese scrap

South Korea’s leading electric arc furnace operator, Hyundai Steel, has once again lowered its bid prices for Japanese scrap in its recent purchase auction.

The steelmaker placed bids on 9 December for H2 grade scrap at JPY 47,000/tonne ($414/t) fob Japan. It posted a bid at JPY 52,500/t fob for shredded scrap and JPY 55,500/t for HS grade scrap. It also bid at JPY 58,000/t for Shindachi Bara (loose) scrap in the same auction, Kallanish notes. The mill’s bid prices were JPY 500/t lower for all grades scrap with the exception of Shindachi Bara grade which was a steeper drop of JPY 2,000/t.

In comparison, the Japanese domestic scrap market is firmer. Tokyo Steel is currently paying JPY 54,500/t ($480) for H2 grade scrap trucked to its Utsunomiya steelworks, effective 10 December. The mill’s procurement price for H2 was holding at JPY 55,000t during 13 November-9 December, having peaked at JPY 56,000/t on 28 October-10 November.

Anna Low Singapore