South Korea’s Hyundai steel, Thursday, cut Japanese scrap prices by JPY1,000/mt ($9.2) for all grades in response to the drop in steel price in China. With the price revision, the steelmaker is also trying to tame seller sentiment, traders said.
Revised bids for #2 HMS are at JPY49,000/mt fob, shredded at JPY53,000/mt fob, P&S at JPY 54,000/mt fob, and busheling at JPY55,000/mt fob. Last week, #2 HMS bids were at JYP50,000/mt fob Japan as announced on May 13.
Hyundai steel bought 14,000mt of HMS 1&2 (80:20) in deep-sea cargo from New Zealand at $505/mt cfr South Korea. While bids for Russian A3 at $505-510/mt cfr South Korea. Hyundai is negotiating deals with Japanese sellers amid a large number of active offers in the market.